Bitcoin BTC/USD has been fluctuating around the $60,000 levels slowly but steadily approaching its all-time high price after breaking through $60,000 again earlier today.
What Happened: Bitcoin's price increased by nearly 22% from its 24-hours low of $50,278 to a high of $61,199 before correcting to just over $60,000.
The price movement took place as crypto asset exchanges see a massive outflow of Bitcoin, meaning that whoever owns it does not expect to sell it soon.
Related content: Benzinga's Full Upcoming and Recent IPOs Calendar
Data retrieved from cryptocurrency market data service CryptoQuant earlier today shows that 12,677 BTC worth $770 million left Coinbase Pro yesterday alone.
What Else: Data reported by the Block shows that the aggregated interest open of Bitcoin futures has reached $24.73 billion earlier today, showing unprecedented market participation.
The news follows yesterday's reports of Bitcoin seeing a price increase due to a supply shortage.
Related Stories
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
