The approval of Bitcoin exchange-traded funds (ETFs) signified a major milestone, one that was welcomed by mostly everyone. In fact, Economist and Aike…
The warning appears against the U.S. Federal Reserve's intention to rapidly tighten its asset purchasing program, followed by three rate hikes in 2022.
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Bitcoin Price Prediction: Fundamental Metrics Point To Bullish Surge Soon Is cryptocurrency market for you? Photo: Pixabay
KEY POINTS
GrayScale has continued to buy more Bitcoin, more than what the miners can supply
A rally could begin in two weeks unless a bullish sentiment forms around the U.S. dollar
The dominant cryptocurrency’s on-chain metrics are suggesting a convincing resumption of the Bitcoin rally soon. However, macro factors, such as the increasing strength of the dollar, could buoy this.
The most important factor the demand for Bitcoin has continued to outstrip new supply. Around 900 BTC are mined every day. This translates to 27,900 BTC mined in January. Grayscale Holdings, which caters to institutions, bought over 40,000 BTC in the same period, Glassnode reported.