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Bitcoin Supply Decline Sparks Hope for Christmas Rally
Bitcoin is trading around the $90,000 mark with a 2% decline in the past 24 hours, raising short-term concerns. Analysts suggest that Bitcoin may be entering a supply squeeze, potentially leading to price rallies.
- Exchange balances have decreased significantly, with centralized exchanges holding about 2.76 million BTC.
- Long-term holders and institutions are withdrawing coins, reducing immediate sale supply.
- Santiment data shows a significant reduction of approximately 403,200 BTC from exchanges over the past year, a 2.09% drop in total circulating supply on trading platforms.
Analyst Michael van de Poppe forecasts a potential breakout to $100,000 if current trends hold. Macro liquidity trends may favor Bitcoin, similar to previous setups that led to significant rallies.
Bitcoin Hyper Raises $29.2m
- Bitcoin Hyper (HYPER) has raised $29.2 million in its presale as investors look for alternatives addressing Bitcoin's limitations.
- The project aims to enhance transaction speed, reduce fees, and incorporate smart contracts with a Layer 2 system.
- HYPER token functions include paying gas fees, staking, and accessing platform features.