The price of Bitcoin (BTC) has surged past the $69,000 mark, showing bullish momentum following a bearish weekend.
BTC has increased by 1.3% over the last 24 hours and is currently trading at $69,080. The cryptocurrency’s market cap has exceeded $1.35 trillion with a daily trading volume of $22.7 billion.
This uptrend comes after significant investments in the Bitcoin ecosystem. Paradigm reportedly assisted the Bitcoin staking protocol Babylon in raising $70 million on June 1.
Tether, the issuer of USDT, hurried to purchase up to $150 million worth of Bitdeer shares in a private transaction. Bitdeer, a prominent Bitcoin mining company, has shares valued between $6 and $7.
The Republic of Tatarstan, also known as Tataria, is aiming to establish the largest Russian Bitcoin mining company valued at around $100 million. Innopolis Tech, a fintech company led by a former Russian minister of communications, is spearheading the initiative.
According to Santiment’s data, the number of active addresses on the Bitcoin network has been steadily decreasing over the past four days, dropping from 683,150 on May 31 to 538,240 unique daily active addresses at the time of reporting.
Santiment’s data also reveals that the total supply in profit has slightly risen from 18.28 million BTC to 18.33 million coins. To date, 19.707 million Bitcoins have been circulated.
The BTC Relative Strength Index (RSI) currently stands at 54, indicating that Bitcoin is in a favorable position for continued bullish momentum.
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