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LIVECoinfluencer
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Why did Bitcoin take off today, May 21, 2024?
Today, Bitcoin's price is at its peak, which makes you wonder "Why?" he asks.
Halving Madness
A halving occurred in Bitcoin in April 2024. What does this mean? Mining rewards decreased from 6.25 BTC to 3,125 BTC. Now, as fewer Bitcoins are being produced, the value of existing Bitcoins is increasing. That's right, what happens if supply decreases while demand remains the same? Prices fly!
What's in Which Wallet?
Instead of depositing Bitcoins into exchange wallets, people withdraw their Bitcoins to custodial wallets. What does this mean? Nobody wants to sell their Bitcoin, everyone is in "Hodl" mode! This reduces the selling pressure in the market and pushes the price up.
Short Life of Short Positions
Many short positions have been liquidated in the last 24 hours. Short positions are opened by those who bet on the price to fall. But when things go wrong, these positions are quickly closed, pushing the price even higher. So, short sellers are saying, âEww!â moments, Bitcoin owners say "Wow!" turns into moments!
The Magic of ETFs
Spot numbers #Bitcoin #ETF , introduced earlier this year, have attracted the attention of institutional investors. Money flowing into ETFs increases demand for Bitcoin and supports the price. So, Bitcoin is now the favorite of not only crypto enthusiasts but also big investors
If you are still wondering why Bitcoin is rising, here are the answers: decreasing supply, increasing demand, liquidation of short positions and interest from institutional investors. So, if you are considering buying Bitcoin, why not? But remember, the crypto world is always full of surprises. So, be careful when investing and only invest what you can afford to lose.
That's it! The world of Bitcoin can be both exciting and lucrative. Good luck and smart investments!#Bitcoin $BTC $BNB $SOL #BinanceHerYerde #MemeWatch2024
Today, Bitcoin's price is at its peak, which makes you wonder "Why?" he asks.
Halving Madness
A halving occurred in Bitcoin in April 2024. What does this mean? Mining rewards decreased from 6.25 BTC to 3,125 BTC. Now, as fewer Bitcoins are being produced, the value of existing Bitcoins is increasing. That's right, what happens if supply decreases while demand remains the same? Prices fly!
What's in Which Wallet?
Instead of depositing Bitcoins into exchange wallets, people withdraw their Bitcoins to custodial wallets. What does this mean? Nobody wants to sell their Bitcoin, everyone is in "Hodl" mode! This reduces the selling pressure in the market and pushes the price up.
Short Life of Short Positions
Many short positions have been liquidated in the last 24 hours. Short positions are opened by those who bet on the price to fall. But when things go wrong, these positions are quickly closed, pushing the price even higher. So, short sellers are saying, âEww!â moments, Bitcoin owners say "Wow!" turns into moments!
The Magic of ETFs
Spot numbers #Bitcoin #ETF , introduced earlier this year, have attracted the attention of institutional investors. Money flowing into ETFs increases demand for Bitcoin and supports the price. So, Bitcoin is now the favorite of not only crypto enthusiasts but also big investors
If you are still wondering why Bitcoin is rising, here are the answers: decreasing supply, increasing demand, liquidation of short positions and interest from institutional investors. So, if you are considering buying Bitcoin, why not? But remember, the crypto world is always full of surprises. So, be careful when investing and only invest what you can afford to lose.
That's it! The world of Bitcoin can be both exciting and lucrative. Good luck and smart investments!#Bitcoin $BTC $BNB $SOL #BinanceHerYerde #MemeWatch2024
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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