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Thursday, March 23, 2023


Bitcoin Hits 8-Mo High Above $25,000 As Institutional Flows Accelerate, Munger Melts Down

On the same day as 99-year-old Charlie Munger reiterated his hatred for crypto, mumbling that he’s not proud of his country for allowing this “crap”, the price of bitcoin (and other major coins) is soaring.

“Well, I call it crypto shit. It’s worthless, it’s no good, it’s crazy, it’ll do nothing but harm, it’s antisocial to allow it,” Munger said during a live-streamed interview for the Daily Journal.

The last 36 hours have seen Bitcoin surge from below $22,000 to above $25,000…

Source: Bloomberg

Hitting its highest intraday level since June 2022…

Source: Bloomberg

It’s not just Bitcoin of course as Ethereum is ripping higher too, almost at $1750 (its highest since Sept 2022)…

Source: Bloomberg

CoinTelegraph reports that on-chain data indicates the current price momentum can be traced back to a mysterious fund that started pouring money into the crypto market on Feb. 10.

According to data from Lookonchain, nearly $1.6 billion in institutional funds have flowed into the crypto market over the past six days. Most of the $1.6 billion flowed from stablecoins, especially Circle-issued USD Coin. The owner of the funds first withdrew their USDC from Circle and then sent it to various exchanges.

USDC withdrawal from Circle. Source: Lookonchain

There were three notable wallets whose funds were traced from Circle to various exchanges.

First, a wallet address starting with “0x308F” withdrew 155 million USDC from Circle and transferred to exchanges since Feb. 10. The second wallet address starting with “0xad6e” withdrew 397 million USDC from Circle and sent it to various exchanges, and a third wallet starting with “0x3356” withdrew 953.6 million USDC from Circle and transferred to exchanges around the same time.

Wallets moving funds from Circle to exchanges. Source: Lookonchain

Additionally, Galaxy Digital Holdings CEO Mike Novogratz believes there’s a chance Bitcoin could return to $30,000 or above before the end of March.

According to a Feb. 15 Bloomberg report, Novogratz spoke at a Bank of America conference the same day and said he would’ve been the “happiest guy” if 2022 ended with BTC at $30,000, but added:

“When I look at the price action, when I look at the excitement of the customers calling, the FOMO building up, it wouldn’t surprise me if we were at $30,000 by the end of the quarter.”

The prediction is much lower than others Novogratz has made in the past. The Galaxy CEO once believed that Bitcoin could reach $500,000 by the end of 2027 if the United States Federal Reserve kept hiking interest rates.

This post was originally published on this site

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