Alongside, ether climbed above $3,100 for the first time in more than one month.Read MoreFeedzy
Bitcoin (BTC) is up more than 3% over the last 24 hours, climbing to a three-week high of $44,200 earlier on Wednesday before modestly pulling back to the current $44,000.
Helping the mood for the bulls, Pavel Zavalny, chairman of Russia’s congressional energy committee, earlier today suggested bitcoin could work as the country considers hard currency alternatives for oil sales given stringent Western sanctions.
One analyst took note of not just the price spike following the comments, but a big jump in bitcoin open interest.
The team at U.K.-based digital asset broker GlobalBlock said bitcoin’s price strength was particularly interesting given a 25% increase in oil prices over the past week. They believe the oil run needs to cool for bitcoin to continue with gains.
Also good news for the bulls, said GlobalBlock, is whale accumulation, including Luna Foundation Guard’s plan to purchase $3 billion of bitcoin in the short term and $10 billion in the long-term.
That’s a lot of buy pressure, says GlobalBlock, expecting seller exhaustion and a run above $45,000 as long as oil prices don’t make new highs.
Checking other prices, ether (ETH) is ahead 4% to $3,111 – its highest level since Feb. 16; cardano (ADA) and solana (SOL) are both up 10%.
Also read: Cardano’s ADA Up Nearly 10% as Coinbase Adds Staking Feature
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Bitcoin and the broader cryptocurrency market fell nearly 10% on Saturday.Read MoreCoinDesk: Bitcoin, Ethereum, Crypto…
As the countdown to the much-anticipated 2024 bitcoin halving event nears its climax, the cryptocurrency…
The following is an essay originally published on Unchained.com by Dhruv Bansal, CSO and Co-founder…
The bullish momentum of the Bitcoin price has dwindled over the past few weeks, putting…
The crypto market took an unexpected hit on April 12 as a spontaneous decline in…
Hannah Phung, a lead analyst at on-chain analytics platform SpotOnChain, recently gave her opinion on…