On Sunday (August 8), the Bitcoin price broke above the $45,000 level for the first in nearly 12 weeks.
As you can see in the 3-month BTC-USD price chart below, on crypto exchange Coinbaase, the last time that the BTC price was above $45K was on May 18.
The Bitcoin price went over $45,000 around 06:25 UTC (on August 8). By 06:42 UTC, it had reached $45,304. Currently (as of 7:38 UTC on August 8), BTC-USD is trading around $45,086, up 4.22% in the past 24-hour period (and up nearly 30% in the past two weeks).
Yesterday, Michael J. Saylor, Co-Founder, Chairman, and CEO of Nasdaq-listed business intelligence company MicroStrategy Inc. (NASDAQ: MSTR), called Bitcoin “electric money.”
Saylor also pointed out yesterday how Bitcoin has outperformed gold over the past 10 years.
Interestingly, according to funding rate data by Bybt, despite Bitcoin’s highly bullish recent price action, currently (as of 07:55 UTC on August 8), the funding rate for BTC-USD or BTC-USDT perpetual swaps across multiple derivatives exchanges averages only 0.01%. As Bybt explains, “positive funding rates suggests speculators are bullish and long traders pay funding to short traders” and “negative funding rates suggests speculators are bearish and short traders pay funding to long traders.”
Will Clemente was one of the crypto analysts who was encouraged by this data:
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Image by “SnapLaunch” via Pixabay
