Bitcoin Surges Past $43K: FOMO Lures in Fresh Wave of Investors

The number of addresses initiating their inaugural Bitcoin transactions witnessed a significant surge. Bitcoin staged a robust recovery within the past 24 hours, propelled by positive developments stemming from the Federal Reserve.

Bitcoin Surges Past $43k: Fomo Lures In Fresh Wave Of Investors_65d5cd45e7f08.webp

Bitcoin has rebounded to $43,000, just a day after the Federal Reserve announced a pause in interest rate hikes at its latest meeting. The sudden surge in volatility over the past 24 hours has led to the liquidation of tens of millions of USD worth of short positions. This volatility has rattled numerous leveraged positions, marking the highest level of turbulence in weeks.

Currently, Bitcoin’s annual volatility stands at 51.97%. The yearly volatility of Bitcoin has steadily increased from its recent low of 40% in early December. This rapid fluctuation highlights the dynamic nature of the cryptocurrency market in response to external factors, such as central bank decisions and macroeconomic developments.

According to Glassnode, the current number of positive Bitcoin-holding addresses exceeds 50.7 million. Approximately 2.45 million addresses have been added since the onset of the upward trend in mid-October, indicating a significant attraction to the potential for high profits.

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Furthermore, as Bitcoin sustains its upward momentum, the number of addresses conducting their first Bitcoin transactions has also experienced a sharp increase. The resilience of Bitcoin in bearish markets and its potential within the context of the U.S. regulatory environment have drawn investors away from traditional markets.

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The anticipation surrounding the approval of ETF funds and the upcoming halving event has bolstered the legal standing of Bitcoin, positioning it as a traditional store of value. Major investors have also demonstrated keen interest, with wallets holding at least 1,000 Bitcoins experiencing rapid growth since mid-October.

Related: JPMorgan Predicts Ethereum Will Grow Stronger Than Bitcoin in 2024

Bitcoin’s Resilient Comeback: A Robust Rebound in the Market

Recent strong buying activity from large investors, often seen as positive in the crypto market due to its impact on future asset price volatility, has been notable. Additionally, over 34,000 BTC have been pushed onto various crypto exchanges in the past week as short-term holders take profits, resulting in a temporary drop in Bitcoin prices below $41,000.

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However, the price has since recovered to the $43,000 level. The decision by the Federal Reserve to maintain interest rates while hinting at potential rate cuts in the coming year has brought joy to the crypto community. This revelation is expected to boost market liquidity and stimulate economic activities in certain sectors. The market is anticipated to maintain its upward trajectory in the coming weeks.

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