What Will Be the Next Bullish Sign for Bitcoin?


    Miami Mayor Francis Suarez recently spoke about bitcoin at the World Economic Forum in Davos, Switzerland, and also discussed its potential as a global currency, Cointelegraph reports. In addition, he said that Bitcoin “creates trust, which is the foundation on which the monetary system should be built”. Suarez is known to pay part of his salary in bitcoin, which he uses most of the time.

    Bitcoin is highly popular among current investments and is an option that many people are willing to try. Not only individual investors but also many famous merchants or brands, etc. are starting to accept payments using cryptocurrency. Some countries or regions even accept the use of cryptocurrency to purchase house cruises or tourist accommodations. This also reflects that cryptocurrency is gradually integrating into our daily life.

    However, the cryptocurrency market is currently going through a bear market phase, with many tokens in a downward spiral. At the time of writing the price of Bitcoin is listed at $31,225.30 on the international exchange Gate.io. Not long ago Bitcoin fell below $30,000 with a low of $28,805.07. The lower the price of Bitcoin, the more bullish investors will be. Will there be any signs of a price turnaround while everyone is expecting it?

    Bitcoin Whales’ Holdings on the Rise

    Santiment tweeted that Bitcoin Mega Whale addresses, including some exchange addresses, reached their highest bitcoin supply in a year. The data shows that addresses holding 10,000-100,000 bitcoins now own 12% of the total supply, accumulating 12.8% more compared to 20 weeks ago. This is a bullish sign.

    Bitcoin Market Cap Breaks 46%

    The number of addresses holding more than 1 bitcoin reached a record high of 848,082, and the number of bitcoin addresses holding more than 0.1 reached a record high of 848,500, also a record high. The willingness of investors to invest in bitcoin is also very strong at the moment, with around 20 insurance companies worldwide already investing or considering investing in cryptocurrency.

    According to the latest data from CoinMarketCap, Bitcoin’s market cap share rose to break 46% and now stands at 46.18%. Ethereum’s market cap share, on the other hand, fell to 17.66%. Banking giant Goldman Sachs recently released the eleventh edition of its annual insurance survey, and for the first time, cryptocurrencies were included. The survey of 328 chief investment officers and chief financial officers revealed that 6% of respondents have invested or are considering investing in cryptocurrencies.

    Dubai International Mall Accepts Bitcoin Payments

    Dubai being an international tourist country and an affluent one is not the first project to accept cryptocurrency payments. This time, Majid Al Futtaim, one of the most prestigious companies in the Middle East, has accepted cryptocurrency payments in its shopping centers and other properties that have millions of customers every year.

    With such support, cryptocurrencies are also one step closer to people’s daily lives. This also means that the chances of cryptocurrencies being recognized and accepted are also on the rise. A rebound in bitcoin prices may be just around the corner.

    Photo by Dmitry Demidko on Unsplash

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