Bitcoin surges past $69k milestone following a succession of substantial investments
After a bearish weekend, the price of Bitcoin (BTC) has experienced a surge in bullish momentum, surpassing the $69,000 mark. As of now, BTC is up by 1.3% over the past 24 hours and is trading at $69,080. The market cap of the flagship cryptocurrency has exceeded $1.35 trillion, with a daily trading volume of $22.7 billion.
This bullish trend can be attributed to significant investments made in the Bitcoin ecosystem. A report on June 1 revealed that Babylon, a Bitcoin staking protocol, raised $70 million with the assistance of Paradigm. Additionally, Tether, the issuer of USDT, hastily acquired Bitdeer shares worth up to $150 million in a private deal. Bitdeer, a prominent Bitcoin mining company, has shares valued between $6 and $7.
The Republic of Tatarstan, also known as Tataria, is currently undertaking an ambitious project to establish the largest Russian Bitcoin mining company, estimated to be worth around $100 million. Innopolis Tech, a fintech company headed by a former Russian minister of communications, will be leading this endeavor.
According to data provided by Santiment, the number of active addresses on the Bitcoin network has been steadily decreasing over the past four days. It has fallen from 683,150 on May 31 to 538,240 unique daily active addresses at the time of reporting.
Santiment’s data also reveals a slight increase in the total supply of Bitcoin in profit. The number has risen from 18.28 million BTC to 18.33 million coins. Notably, a total of 19.707 million Bitcoins have been circulated thus far.
The BTC Relative Strength Index (RSI), as reported by Santiment, currently stands at 54. This indicator suggests that Bitcoin is in a favorable position for a consistent bullish momentum.
In conclusion, the Bitcoin market has seen a surge in bullish momentum, with the price surpassing $69,000. This can be attributed to significant investments in the Bitcoin ecosystem, such as the funding raised by Babylon and the acquisition of Bitdeer shares by Tether. Furthermore, the Republic of Tatarstan is undertaking a project to establish the largest Russian Bitcoin mining company. Despite a decline in active addresses, the total supply in profit has slightly increased. The BTC RSI indicates a positive outlook for Bitcoin’s future performance.
