Why is Bitcoin price up today?

Bitcoin price is up today as institutional investor inflows and traders’ belief that a spot BTC ETF approval is on the way boosts bullish momentum.

Bitcoin (BTC) price is up today, topping $44,000 for the first time in over 19 months. The rally highlights traders’ continued bullish bias for Bitcoin, which produced the best November performance since 2020.

The most likely catalyst for Bitcoin’s rally to $44,000 is the markets’ belief that a spot BTC exchange-traded fund (ETF) will be approved in January 2024 and this is bringing significant cash inflows from institutional investors.

Now that BTC has notched its best monthly close in 19 months, let’s look into the reasons why Bitcoin price is up today.

Centralized exchange volumes return to norm

Initially, Bitcoin price flashed mixed signals after former Binance CEO Changpeng “CZ” Zhao’s guilty plea and the exchange agreed to pay a $4.3 billion settlement to the U.S. Leaders in the crypto market, like Galaxy Digital CEO Mike Novogratz, see the settlement as a net positive overall.

North Korea's Lazarus Group masterminded $100M Harmony hack: FBI confirms

The FBI also confirmed earlier reports this month by figures such as ZachXBT that the hackers had started moving a large chunk of the funds around via privacy protocols. The Federal Bureau of Investigation (FBI) has confirmed the Lazarus Group and APT38 as the culprits behind the $100 million Harmony Bridge Hack from June 2022. The North Korea-linked cyber group had long been suspected of being behind the attack but their involvement hadn’t been confirmed by authorities until now. According to a Jan. 23 statement, the FBI noted that “through our investigation, we were able to confirm that the Lazarus Group and APT38, cyber actors associated with the DPRK , are responsible for the theft of $100 million of virtual currency from Harmony’s Horizon bridge.” The Harmony Bridge hack in 2022 was the result of security holes in Harmony’s Horizon Ethereum bridge which allowed the cyber attackers to swipe a number of assets stored in the bridge via 11 transactions. The FBI also outlined t...

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South Africa learns a hard crypto lesson amid fast growing demand

South African authorities will be keeping a close eye on the cryptocurrency space in 2021 in the wake of major scams and booming markets. Authorities in South Africa appear to be paying closer attention to the cryptocurrency space in 2021 in the wake of a major Bitcoin ( BTC ) Ponzi scheme and increased trading activity. As a result, the South African Financial Sector Conduct Authority has called for tighter controls of the crypto space following the collapse of what has been described as the biggest Ponzi scheme the country has ever seen. In December 2020, Mirror Trading International went into provisional liquidation after one of its directors allegedly skipped the country, taking with him access to a copious amount of Bitcoin that investors had entrusted to the company over the past few years. In January 2021, MTI claimed to have over 260,000 members around the world and had amassed 23,000 BTC of investor’s holdings, which is worth over $1 billion in today’s market. The South ...

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Palau advances CBDC with Ripple in phase 2 of PSC program launch

The second phase of the PSC program will prioritize the development of a digital ecosystem and increased user engagement, emphasizing adherence to regulatory compliance. The Ministry of Finance of Palau officially launched the second phase of its Palau Stablecoin (PSC) program. Jay Hunter Anson, a cybersecurity consultant in Palau and adviser to the Ministry of Finance, confirmed the program’s second phase launch on Dec. 15 in a post on X (formerly Twitter). Anson said that Palau aims to extend its partnership with Ripple in phase two, allowing the PSC team to leverage Ripple’s central bank digital currency (CBDC) platform and technical expertise. PSC is a digital currency pegged to the United States dollar, which uses Ripple’s XRP Ledger. Read more

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Greenidge plans to expand mining operations to South Carolina

According to the crypto mining firm, the South Carolina facility has been capable of drawing 80 megawatts of power, two thirds of which is produced from zero carbon energy sources. Bitcoin mining company Greenidge Generation announced it would be starting operations in South Carolina as early as this year. In a Friday announcement, Greenidge said it would be operating in a carbon neutral crypto mining facility in the city of Spartanburg. The company said it had signed a letter of intent for a 10-year lease with printing firm LSC Communications’ location on the outskirts of the South Carolina city, where it plans to start mining crypto “in late 2021 or early 2022.” According to Greenidge, the location has been capable of drawing 80 megawatts (MW) of power, two thirds of which is produced from zero carbon sources including nuclear energy. Greenidge CEO Jeff Kirt said it was a step towards the company creating “environmentally sound Bitcoin mining” in the United States. The firm alr...

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New Bitcoin price highs revive old misconceptions about BTC and crypto

With crypto exceeding all monetary expectations in 2020, some mainstream analysts have reverted to long-forgotten arguments from 2017. As anyone following the crypto industry will have noticed, yes, Bitcoin ( BTC ) did recently smash its previous all-time high of around $20,000. Now, many analysts anticipate the cryptocurrency to eventually rise to the mid-$30,000s or even higher within the next few years. As things stand, BTC is trading at around $23,300, briefly testing the $24,000 mark on several occasions. However, despite all of these positive developments, many prominent individuals from the financial mainstream have spoken negatively about the crypto industry, using cliche adages — such as “crypto is for criminals” and “crypto is all hype, no substance,” etc. — to describe BTC and other prominent digital currencies. For example, renowned economist and financial strategist David Rosenberg recently referred to Bitcoin as a “massive bubble,” propping up the argument by saying...

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100M euro digital bond was a CBDC test, says Banque de France

European financial institutions are using pilots to make a case for the digital euro. It turns out the 100 million euro digital bond issued by the European Investment Bank earlier this week was actually a trial of a European central bank-issued digital currency, or CBDC. An April 28 announcement from France’s central bank, Banque de France, revealed the digital bond was settled using a CBDC on a blockchain. The two year-bond was issued on the Ethereum public blockchain on April 27 and settled the following day, with a maturity date of April 28, 2023. The sale was led by Goldman Sachs, Santander and Société Générale. “From a technological standpoint, the experiment required the development and deployment of smart contracts under secured conditions, so that the Banque de France could issue and control the circulation of CBDC tokens and so that CBDC transfer occurred simultaneously with the delivery of securities tokens to the investors’ portfolio,” Banque de France said. The bank...

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Palau advances CBDC with Ripple in phase 2 of PSC program launch