The post Why Bitcoin is Going Up Today? appeared first on Coinpedia Fintech News
Bitcoin is back in the spotlight as its price has surged to a new record high of over $122,600. While the rest of the crypto market is enjoying a positive run, Bitcoin’s rise feels different, it’s not just going up, it’s moving up in a nearly straight line every single day.
So, what exactly is driving this rally? And where could Bitcoin go next?
Institutional Demand vs. Limited Supply
One of the biggest reasons behind this surge is the growing demand from institutions. According to Matt Hougan, Director of Investments at Bitwise, there’s a tug-of-war between huge buying interest and extremely limited daily Bitcoin supply.
To give some perspective, only 450 new Bitcoins are mined each day, but just yesterday, spot ETFs scooped up 10,000 BTC. That’s not a typo, that’s 20X more demand than supply. This imbalance is a major factor pushing prices up fast.
BlackRock’s IBIT ETF Breaks R
We współpracy z: https://coinpedia.org/news/why-bitcoin-is-going-up-today/
