Bitcoin single-day price surge linked to billions in USDC inflow
Bitcoin proponents called it the start of another bull run, while a few other analysts believe it's a bear trap. The Bitcoin (BTC) price rose to a new six-month high of $24,800 on February 16, registering a double-digit surge of 15%. The prolific single-day Bitcoin price surge took many by surprise, given February has been historically bearish for the top cryptocurrency. BTC price rose by $1,820 in a single day, making it the biggest green day for the top cryptocurrency in six months. One-Day Bitcoin price chart. Source: Tradingview Many people attributed the BTC price surge to a number of factors, including a rise in dollar value and declining inflation. 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 shared by Lookonchain, nearly $1.6 billion in institutional funds have flowed into the crypto market over the past six days. The majority of the $1.6 billion...