Bitcoin Crosses $46k as Year of “Long” Begins, Easing ETF Sell-Off

Source: CoinDesk

“Bitcoin (BTC) crossed $46,000 early Friday, as the CoinDesk 20 Index (CD20), a measure of the biggest cryptocurrencies, jumped over 2%. The largest crypto by market cap reached a one-month high as East Asia ushered in its biggest festive of the year, celebrating the start of what’s believed to be one of the luckiest periods as per the Chinese Zodiac. In Mandarin Chinese, the word for dragon is pronounced similarly to ‘long,’ boosting memetic value among crypto traders. Bitcoin could rise to as much as $48,000 in the coming days as the asset historically shows gains around the Chinese New Year period, 10X Research said in a Thursday note, predicting a gain of at least 11%.” (02/09/24)