Bitcoin Hits $123k is performing very well in July. This week on Monday morning according to European time, its price went up to 123091, which is the highest till date.
So far this month, Bitcoin Hits has increased by 16.91%. It has broken the earlier halt of around 110000. Now it is giving good profit for the fourth consecutive month.
Now the total value of Bitcoin has reached 2.44 trillion dollars. Due to this, it has become the fifth largest asset in the world. Now only Gold, NVIDIA, Microsoft, and Apple are ahead of it. Bitcoin has also left Amazon behind.
All this is happening because people and big investors are buying more bitcoin, and people are withdrawing their bitcoin from exchanges. This week some important votes are also going to happen in America on CPI report and crypto, which can have an impact on the market.
There are some very strong reasons behind Bitcoin’s new all-time high, which is making the market sentiment even more positive.
BlackRock’s Bitcoin ETF, called IBIT, is growing very fast. Its total money has now exceeded 83 billion dollars. It has increased threefold in just 200 trading days.
Other American Bitcoin ETFs have also attracted billions of dollars of investment, but they are still small compared to BlackRock.
Some big companies like MicroStrategy and Metaplanet are also holding Bitcoin Hits in their treasury, due to which demand is increasing.
According to Glassnode, everyone from small to big investors are collecting Bitcoin. Every month approximately 19300 Bitcoins are being bought, while only 13400 new ones are created (through miners). This means that fewer new Bitcoins are coming into the market than the number of people buying them.
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Bitcoin Leaving Exchanges
There are some very strong reasons behind Bitcoin’s new all-time high, which is making the market sentiment even more positive.
BlackRock’s Bitcoin ETF, called IBIT, is growing very fast. Its total money has now exceeded 83 billion dollars. It has increased threefold in just 200 trading days.
Other American Bitcoin ETFs have also attracted billions of dollars of investment, but they are still small compared to BlackRock.
Some big companies like MicroStrategy and Metaplanet are also holding Bitcoin in their treasury, due to which demand is increasing.
According to Glassnode, everyone from small to big investors are collecting Bitcoin. Every month approximately 19300 Bitcoins are being bought, while only 13400 new ones are created. This means that fewer new Bitcoins are coming into the market than the number of people buying them.
Critical Week for Crypto and Bitcoin
According to experts, the price of Bitcoin Hits can go even higher. There are three big events happening this month that can change the direction of the entire crypto market.
First: America’s CPI report is going to come on July 15. It will tell how much inflation is. If inflation decreases, it is possible that America’s Federal Reserve may reduce interest rates in September. When interest rates go down, people invest more money in risky things – like Bitcoin. That’s why this report is very important for crypto.
Second: Lawmakers in Washington are going to vote on a new law that will set rules for stablecoins and digital currency (CBDC). If this law is passed, new rules will be introduced on crypto in the U.S. such as more transparency and easier access for companies.
Both of these things can have an impact on Bitcoin Hits and the entire crypto market
What’s Next Bitcoin?
The price of Bitcoin is still in price discovery mode, meaning people are still deciding what its actual price should be.
The Crypto Fear and Greed Index has gone up to 74 today, which shows that greed i.e. people are buying more.
Crypto traders say that Bitcoin will try to maintain its price between 120,000 and 130,000 dollars.
Some people may start taking their profit, so there is a possibility of a slight fall in the price, which can be between 110,000 and 109,000 dollars.
But experts say that this decline is normal and it does not mean that the market direction will change.
Why This Matters
Bitcoin’s rise is not just a chart scene. This means that the trust of big investors is waning and Bitcoin is decreasing in the market.
New rules are also going to come, so this time is very important for the crypto market.
See more news about Crypto on DailyCoin:
Bitcoin 107K Breaks Strong as Bulls Eye Big Win
Trump Crypto ETF Targets BTC And ETH in 2025
Metaplanet Bitcoin Purchase Sparks Explosive 1111 BTC Buy
Hyperliquid Builder Codes Top $10M New Crypto Boom Coming?
People Also Ask:
What is the meaning of Bitcoin ATH?
Bitcoin ATH means All Time High, that is, the highest price that Bitcoin has seen in its history so far.
Why is it important to withdraw Bitcoin from exchanges?
When people withdraw their Bitcoin from the exchange, it means that they do not want to sell it. This shows that people want to keep it for a long time, which helps in increasing the price further.
What is the role of ETFs in increasing the price of Bitcoin?
ETFs like BlackRock’s IBIT are growing very fast. For this reason, big investors are investing money in Bitcoin, which increases the demand and supports the price.
