Macro-economic factors have been constantly Bitcoin (CRYPTO: BTC) prices higher as softer market data leads the Federal Reserve to maintain interest rates. This makes Bitcoin an attractive asset for macro investors and hedge funds.
As reported by Kitco, Mathieu Ziaei, portfolio manager and risk officer at Criptonite Asset Management, states, “Adding these thoughts with the fact that Bitcoin owners have such strong convictions in their asset, that 88.5% of hZenger News haven’t moved any Bitcoin in the past three months — a period in which Bitcoin has gained more than +44% amidst a broader trend of being up +110% YTD. This might just be a warm-up to what comes next.”
Price Action: At the time of writing, BTC prices have seen a surge of 2.5% currently trading very close at $35,918.10 — just below the $36,000 mark. Meanwhile, the past 24-hour trading volume saw a gain of 28.5% while the market cap expanded by 1.8%.
Glassnode’s Miners’ Wallets Balances data as reported by FXEmpire, highlights that BTC Miners over the weekend collected $18.5 million in Bitcoin. BTC miners currently hold 10% of the total Bitcoin circulation supply. If they keep collecting their block rewards, the BTC process could peak at $40,000.
Aggregate Order Books data, reported by FXEmpire, from 20 crypto exchanges including Binance and Coinbase show that bulls have placed active orders to buy 55,000 BTC around the current prices and the traders have only placed a total of 43,000 BTC up for sale. This reflects a dominant buying momentum across the market.
Recent times have also seen significant bitcoin transfers from long-time crypto users from their old wallets to new wallets. The latest one is a dormant bitcoin whale for 12 years who transacted $230 million to new addresses.
Tomorrow (Nov. 8) economic data list includes 30-year Mortgage Rate data and wholesale Inventories. Also, Fed Chair Powell’s speech will be tomorrow. Will another softer economy indication push BTC prices further higher?
Produced in association with Benzinga
