Why Bitcoin Price is Up Today? BTC Price Surge Above $70K

The post Why Bitcoin Price is Up Today? BTC Price Surge Above $70K appeared first on Coinpedia Fintech News

Amid the ongoing crypto bullish recovery from a two-month correction period, Bitcoin’s (BTC) price pumped around 6.8 percent in the past 24 hours to trade at about $71,273 on Tuesday during the early Asian session. As of this writing, Bitcoin’s daily average traded volume more than doubled in the past 24 hours to about $50 billion. 

The sudden Bitcoin price pump resulted in heavy liquidation of short traders, amounting to more than $345 million in revenue from crypto derivatives trading. As a result, it is safe to assume Bitcoin bulls are in control and a new all-time high is on the horizon.

Top Reasons Why Bitcoin Price Pumped Today

COPA vs CSW – Ruling Published

On Monday, May 20, the High Court of Justice Business and Property Courts of England and Wales published its detailed ruling in the case presented by the Crypto Open Patent Alliance (COPA) against Dr Craig Wright. According to the court documents, Wright has significantly fabricated the case in an attempt to influence the court’s decision on whether he is Satoshi Nakamoto, 

With the ruling delivered, the Bitcoin software will remain a public property through its open-source technology.

Heightened Demand from Whale Traders

According to on-chain data, several crypto whale traders have accumulated more Bitcoins recently. Market intelligence platform Santiment noted that short-term Bitcoin holders have been offloading to long-term investors. 

Meanwhile, Bitcoin ETFs in the United States and Hong Kong registered notable cash inflows in the past week.

Spot Ethereum’s ETF Frenzy

Bitcoin price reacted to the news that the US SEC has changed its stance on Ethereum and its spot Ether ETFs application. Combined with other factors, such as the recent Bitcoin halving, the flagship coin is well-positioned to rally further.