While its popularity has been on the rise in recent years, Bitcoin remains a subject about which the majority of people still have little knowledge. Uzmancoin.com, since 2017, has been striving to provide its readers with the fastest and most accurate Bitcoin news and content to guide them.
Bitcoin, which was introduced to the market in 2009, is considered by some as a currency, by others as digital gold, and by others as an investment or speculative asset after approximately 11 years. As a highly volatile asset, Bitcoin can serve different purposes for everyone and continues to become more widespread with each passing day.
The most important feature and value proposition of the cryptocurrency, launched in 2009 by the mysterious creator Satoshi Nakamoto, is its decentralized nature. This means that the leading cryptocurrency in terms of market value is not subject to any authority. Bitcoin derives its power from this characteristic. Its production is generally carried out today with specialized hardware known as ASICs, and the supply of Bitcoin is limited to 21 million. Bitcoin can be bought and sold through cryptocurrency exchanges or ATMs.
While its popularity has been on the rise in recent years, Bitcoin remains a subject about which the majority of people still have little knowledge. Uzmancoin.com, since 2017, has been striving to provide its readers with the fastest and most accurate Bitcoin news and content to guide them.
Bitcoin, which was introduced to the market in 2009, is considered by some as a currency, by others as digital gold, and by others as an investment or speculative asset after approximately 11 years. As a highly volatile asset, Bitcoin can serve different purposes for everyone and continues to become more widespread with each passing day.
The most important feature and value proposition of the cryptocurrency, launched in 2009 by the mysterious creator Satoshi Nakamoto, is its decentralized nature. This means that the leading cryptocurrency in terms of market value is not subject to any authority. Bitcoin derives its power from this characteristic. Its production is generally carried out today with specialized hardware known as ASICs, and the supply of Bitcoin is limited to 21 million. Bitcoin can be bought and sold through cryptocurrency exchanges or ATMs.
Today, Bitcoin reached the $66,000 level again, while on-chain data shows a rapid BTC outflow from exchanges. It is seen that the value of Bitcoin taken out of the exchanges on Friday alone was $2.3 billion. The outflow of cryptocurrencies from exchanges is seen as the biggest sign that investors do not plan to sell in the short term.
The options market in Bitcoin is heating up. There is a huge demand for short-term options in the market. This is said to be setting the stage for what is known as “Gamma Squeeze”, where a change in price can trigger a rapid fluctuation in the market. On the other hand, if the positive trend in ETFs changes, traders may quickly seek to reduce their leverage.
Bitcoin, which is just a small distance from its all-time high, displayed the best monthly performance in its history with its surge in February. The biggest cryptocurrency ended February with an increase of $19.8 thousand.
Bitcoin spot ETFs closed yesterday with a net $92 million, while Grayscale made its second-highest outflow to date. Even the $598 million sale could not disrupt Bitcoin’s surge, while BlackRock received a net investment of $600 million.
Analysts at JPMorgan, one of the largest investment banks in the US and the world, stated that they expect a decline in Bitcoin towards $42,000. In the report, it was stated that the current period of “euphoria” is related to the halving and that the possible decline could come in the second week of April, after the halving.
Mining companies, whose rewards will be halved after halving, continue to sell Bitcoin even if its price is surging ahead of the halving. Miner wallet holdings of Bitcoins fell to their lowest level since July 2021.
In Hong Kong, which has adopted a positive attitude towards cryptocurrencies in the last 2 years, the interest in ETFs has started to increase with the US effect. The assets under management of the country’s largest ETF have grown 5 times since October.
As Bitcoin continues to grow on the back of increased purchases by companies and has reached the $64,000 level, Bitcoin spot ETFs are gaining more and more momentum. ETFs received their largest net investment since January 11 yesterday. BlackRock was also at the top by far.
While the Bitcoin price reached the $64,000 level yesterday evening, the sharp rise continues. On-chain data shows that the “Realized cap” metric, which takes into account Bitcoins with a long-term “hodl” strategy, is also heading towards the peak.
On the same day, Bitcoin first surpassed $58,000, then $59,000 and $61,000, successively. The number one cryptocurrency went up to $61,790.