Bitcoin’s 2024 has gotten off to a rocky start—despite the approval of several long-awaited exchange-traded funds that were supposed to bolster its institutional legitimacy. But things are looking up, with Bitcoin back above $45,000 per coin.

The price of Bitcoin (BTC) is now priced at $45,395, according to CoinGecko data, having jumped nearly 4% in the past day and by more than 5% in the past week. 

So, what’s causing the surge? Analysts tell Decrypt that a number of factors—including hoarding by “whales”—are leading the asset to edge higher. 

BTC took a somewhat surprising hit following the approval of 10 Bitcoin ETFs in January. After briefly touching $49,000, the asset nosedived after one of the funds, Grayscale, started shifting large amounts of its crypto

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Author: Mathew Di Salvo

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