According to CoinDesk: Bitcoin (BTC) value surged past the $44,000 mark on Wednesday, hitting a four-week peak. The rise has been attributed to greater BTC accumulation by large holders and record highs in the U.S. stock market indices.
Bitcoin's value grew from $42,700 earlier in the day, reaching $44,300, a number not seen since January 12, a day after the trading of spot Bitcoin exchange-traded funds (ETFs) began in the U.S.
Crypto analyst, Ali Martinez, noted a significant increase in asset accumulation by Bitcoin whales, i.e., large investors. The number of Bitcoin wallets holding over 1,000 tokens ($44 million approximately) rose to a multi-month high of 73, according to Glassnode data.
The ongoing growth of the U.S. stock markets is likely to have further bolstered risk assets like cryptocurrencies. The S&P 500 closed just shy of the 5,000 mark, setting a new record.
Ethereum's ether (ETH) also witnessed gains, crossing $2,400 for the first time in two weeks. Altcoin gains were primarily fuelled by optimism around spot ETFs. Earlier in the day, asset managers Ark Invest and 21Shares revised their joint application to allow cash creations, aligning it more closely with the recently approved spot bitcoin ETFs.
