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Bitcoin almost exceeds $ 30,000 as Coinbase’s outbound BTC flows

Bitcoin approaching $ 30,000 dollars.

At 09:50 UTC (6:50 GMT) on Saturday (January 2) at Coinbase, the Bitcoin price reached $ 29,938, which is a new historical record (ATH), reaching just $ 62 to break the psychologically important $ 30,000 level.

One-day currency basis: chart TradingView BTCUSD

Currently (as of 10:13 UTC on January 2) (7:13 am GMT), Bitcoin was trading at $ 29,751, up 1.41% in the last 24 hours and up 2, 85% in 2021.

According to data from CryptoCompare, Bitcoin’s market capitalization is approximately $ 553 billion at the moment.

Here are some interesting Bitcoin metrics from the crypto analysis company IntoTheBlock:

Bitcoin almost exceeds $ 30,000 as Coinbase's outbound BTC flows 22
Source: IntoTheBlock

On Thursday (December 31), the day Bitcoin managed to reach $ 29,300, Cameron Winklevoss, co-founder and president of crypto exchange Gemini, said it was time for Bitcoin to break the $ 30,000 level, and as we’ve seen so far, it looks like Bitcoin is very close to doing just that.

#Bitcoin defeated the shorts all the way to 29k. Now it’s time to defeat the 30k boss and move on to the next level

Later, Michael Saylor, co-founder, president and CEO of MicroStrategy Inc. , a business intelligence company listed on Nasdaq, compared being a Bitcoiner to having a place to live in a super-exclusive city in cyberspace.

Satoshi created a city in cyberspace, made up of 21 million blocks, for the 21st century. By 2021, everyone will want a place there. # Bitcoin

Popular crypto analyst and trader Alex Krüger explained yesterday (January 1) why he believes it is inevitable that the world’s leading central banks will keep BTC as a reserve asset.

I changed my mind.

The major central banks will eventually insure #Bitcoin as a reserve asset.

So let’s explore what the gold demand from central banks looks like Index finger pointing down (back of hand)

On the same day, Ryan Selkis, co-founder and CEO of Messari, said he believes that now that Bitcoin is close to $ 30K, the idea of ​​Bitcoin’s price one day reaching $ 1 million seems much more viable than the idea of The price of Bitcoin reached $ 30K back then, when the price was $ 1000.

$ 1mm BTC seems much more attainable at $ 30k than $ 30k at $ 1000. If there was a global crypto bubble similar to the dot-com bubble in 2000, we would reach $ 10 trillion in market capitalization, which is also market capitalization. of gold. It seems viable. $ 500k BTC right there.

In case you’re wondering why the price of Bitcoin keeps going up, despite the price setting new highs almost every day, Ki Young Ju, the CEO of South Korean blockchain analytical startup CryptoQuant, seems to believe it may be due to continued accumulation of BTC through OTC tables.

$ 12,063 BTC just flowed from #Coinbase. It went to several cold wallets. Possibly OTC offers. Breaking 30,000 will be difficult, but institutions don’t care. They just buy more. Graph Index finger pointing to the right (back of hand) https://bit.ly/2X4kPhE

Continued:

We haven’t had any significant outflows from Coinbase since $ 23,000, transferred tokens are decreasing and the rate of cash flow for all exchanges is increasing. It is still possible for institutional investors to join soon, but we may face a correction if it continues.

We never know the volume of OTC transactions under the hood by institutional investors, but there are indicators on the network to estimate OTC trades.

And based on these indicators, major OTC deals are still in progress. Potentially, institutions continue to buy BTC.

Source: CryptoGlobe

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