Bitcoin (BTC) Soars Past $106,000: Institutional Demand Creates Historic Supply Squeeze
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Bitcoin has smashed its previous records, soaring past $106,000. This surge is taking place amid strong institutional demand, particularly through over-the-counter (OTC) desks. Interestingly, balances have decreased by 25,000 BTC over the last 30 days. Observers are also paying close attention to the Federal Reserve's upcoming announcement of a 25 basis point rate cut. This cut would set the rates between 4.25% and 4.5%. While this move might suggest vigorous market activity, the messaging suggests fewer rate cuts ahead in 2024. This historic BTC price spike largely reflects the shifting dynamics in institutional buying and monetary policy changes.
Source: blockonomi.com ↗
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