On the second day of 2021, Bitcoin has pumped over $30,000 around 12:15 UTC for the first time of the new year after setting an all-time high the day before. The price jump pushes bitcoin’s market capitalization to $571 billion, and BTC dominance is 71,1%, according to data from Coinmarketcap.
BTC/USDT weekly candle chart | Source: Traddingview
“If you’re looking for an entry to HODL Bitcoin long term, don’t nickel and dime an entry. You’re not going to sweat a few thousand dollars of non-perfect entry when it’s $100k,$200k,$300k in a year,” popular statistician Willy Woo said on Friday.
According to on-chain market intelligence Glassnode, BTC Number of Addresses Holding 10k+ coins just reached a 5-year low of 95.
Source: Glassnode
But, the bitcoin’s price pump is not fun for someone, one trader on the BitMEX exchange lost $10 million, “I’m shocked, shocked to find that gambling is going on in here!” a telling tweet from a bot tracking liquidated trades on derivatives giant BitMEX said.
Liquidated short on XBTUSD: Buy 10,000,000 @ 30864 ????????????????????????????????????????????????????????????????????????????????? ~ I’m shocked, shocked to find that gambling is going on in here!
— REKT (@BXRekt) January 2, 2021
HODLers also have the U.S. Federal Reserve to thank for bitcoin’s rise, as it, along with other central banks, has been printing money with abandon, trying to stave off the worst economic effects of the pandemic. Meanwhile, U.S. President Donald Trump has been pushing Congress to issue larger stimulus checks. These actions are viewed by many as potential catalysts for inflation and bad for the U.S. dollar, both of which could be positive for BTC.
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