Bitcoin Is Trading At Its Highest Level In Almost a Month, Over $45,000

(CTN News) – It was earlier this month, when U.S. spot bitcoin ETFs began trading, that bitcoin’s price rose above $45,000 for the first time since January 11, when spot ETFs began trading.

In the past week, according to Coin Metrics, Bitcoin increased nearly 3% to $45,391.18, which boosted crypto-related stocks, although Ether saw a flat week.

As the flagship cryptocurrency moved Thursday, New York Community Bancorp extended losses. Due to worries about U.S. regional banks, bitcoin has gained popularity since last year’s regional banking crisis, when investors lost confidence in the banks and turned to the cryptocurrency as a hedge.

As traders in the crypto market pointed out, large investors, also known as “whales,” has increased in recent weeks, as the price has been stuck below its December and January highs.

As many predict that the crypto market will be experiencing a strong bull cycle through the end of the year, large investors are accumulating assets – whales, institutions, and others – in preparation of what they believe will be an eventful bull run.

One only needs to look at the number of wallets that hold more than 1,000 BTC, which has increased significantly over the last two weeks and now includes an additional 73 participants that did not previously hold such a significant amount of bitcoin.

JPMorgan reported in a note Thursday that bitcoin’s average daily trading volume has fallen 29.6% week-over-week over the past two weeks, while ether’s trading volume has decreased 40%.

As a result, cryptocurrency exchange Coinbase’s shares jumped by approximately 9%, and bitcoin proxy Microstrategy’s shares shot up by approximately 11%.

The share prices of CleanSpark and Riot Platforms both increased by around 9% each, while Marathon Digital and Iris Energy both grew by 13% and 19% respectively.

SEE ALSO:

5 Tips for Managing Your Finances If You Have Lost Your Job