The price of Bitcoin crossed the USD 32,000 mark and surprised the market. The leading crypto currency is now experiencing a 10% increase.
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The price of Bitcoin crossed the US$32,000 mark for the first time on Saturday morning, just hours after it had exceeded US$30,000. Once BTC’s price crossed this mark, something it had struggled to do over the past few days, it exploded upwards, reaching a new all-time high of USD 32,179.62.
At the time of writing, the cryptomoney has grown by 10.66% more in the last 24 hours according to our online crypto tool. This performance comes after a year in which the crypt currency increased by more than 300% in 2020. With a gain of almost 50% in December alone.
January is off to a good start, after the market surprised many enthusiasts in this way. With the news that Bitcoin crossed the $32,000 mark and with it came a bullish feeling for the major cryptos. Among them, Ethereum.
However, Bitcoin’s market value also skyrocketed. Beating many of the world’s best-known companies. With a market value of $569.1 billion.
Bitcoin flows into Coinbase as it registers a new ATH
The price of Bitcoin, the main crypt currency, has reached another all-time high of over USD 32k and, amidst this furious market activity, the community witnessed the transfer of large sums of Bitcoin (BTC) from the main exchanges such as Bitstamp to Coinbase.
Whale Alert, an advanced cryptographic tracker on Twitter has highlighted many of these swap transfers and prominent wallets that end up in Coinbase. This trend has continued over the past few days.
On January 2, over 2000 BTCs moved from various exchanges to Coinbase. While many believed that the move was made for a better arbitrage opportunity, some believed that traders were preparing to get paid.
These significant inflows were not the only surprising part of this bull market. There were even strong BTC exits from Coinbase. CryptoQuant CEO Ki-Young Ju on January 1 noted that all 12,063 BTCs were leaving Coinbase. The CEO stated that this large amount has been distributed in multiple cold wallets, which could suggest possible OTC arrangements.
FinCEN wants U.S. citizens to disclose foreign crypt holdings
Financial Crimes Enforcement Network (FinCEN), the US Treasury Department’s wing of monitoring potential legal violations of national financial laws, wants Americans to report whether they have more than US$10,000 in crypto-currencies with foreign financial service providers or virtual assets
FinCEN announced its intention to amend the regulations of the Bank Secrecy and Foreign Financial and Bank Accounts Act (FBAR) in a regulatory notice issued on New Year’s Eve. Just three weeks before the Treasury Department’s leadership is expected to change.
According to a brief notice issued Thursday, „FinCEN intends to propose amending the regulations implementing the Bank Secrecy Act (BSA) with respect to reporting of foreign financial accounts (FBAR) to include virtual currency as a reportable account type.
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