u.today
During his recent appearance on CNBC’s Squawk Box show, venture investor and entrepreneur Anthony Pompliano (commonly known as Pomp within the cryptocurrency community) shared with the anchors what has been pushing Bitcoin up since Friday.
Pomp stated that despite being volatile on a day-to-day basis, Bitcoin continues to grow since the start of the year.
Drivers fueling Bitcoin price recovery, 200-day MA’s ATH
Pompliano admitted that the price action around the recent halving has been playing out the way it was expected. Historically, a month before a halving occurs, the price runs up about 19%, and in the month after the halving, BTC goes up approximately only 1-2%. This is what we can more or less see at the moment, he pointed out.
Bitcoin's 200 day moving average just hit a new all-time high.
— Pomp 🌪 (@APompliano) May 6, 2024
GBTC saw the first day of inflows in 78 days.
Don't get lulled to sleep by bitcoin going sideways. The long-term thesis is as strong as ever.
Here is my segment on @SquawkCNBC this morning. pic.twitter.com/BG6GkzqVIi
Still, since Friday, the world’s flagship cryptocurrency has increased by more than 10%. The price surge, Pomp stated, was spurred by the fact that on Friday, for the first time since January, Grayscale’s GBTC ETF saw a $63 million inflow after four months of consistent outflows. Pomp reminded the audience that this is the largest Bitcoin ETF, and with the first inflows starting to come in, the price was stimulated to rise.
Another important driver named by Pomp was the fact that the 200-day moving average for Bitcoin has reached an all-time high, soaring above $50,000 for the first time.
After going above the $65,000 level earlier today, though, the paramount cryptocurrency has been pushed back down 2.14%, and at the time of this writing, it is changing hands at $63,800.