Venture capitalist and businessman Anthony Pompliano, sometimes referred to as Pomp in the cryptocurrency industry, recently appeared on CNBC’s Squawk Box programme and told the anchors what has been driving up Bitcoin since Friday.
Pomp said that even if daily fluctuations occur, Bitcoin has been increasing since the beginning of the year.
Drivers fueling Bitcoin price recovery, 200-day MA’s ATH
Pompliano acknowledged that the current halving’s price movement has been unfolding as anticipated. In the past, the price of Bitcoin has increased by around 19% the month before a halving, and by only 1% to 2% the month following. He noted that this is essentially what we can see right now.
https://x.com/APompliano/status/1787466346671817208
Nevertheless, the world’s most popular cryptocurrency has gained more than 10% since Friday. According to Pomp, the reason for the price spike was because Grayscale’s GBTC ETF witnessed a $63 million influx on Friday, following four months of steady withdrawals. This was the first inflow since January. Pomp reminded the crowd that this is the biggest Bitcoin ETF and that the price was pushed higher by the beginning of inflows.
The fact that the 200-day moving average for Bitcoin has hit an all-time high and is now above $50,000 for the first time was another significant factor mentioned by Pomp.
The leading cryptocurrency, however, has been knocked back down 2.14% after rising past the $65,000 mark earlier in the day. As of this writing, it is trading at $63,800.
