Bitcoin
Why Bitcoin is up 1.4% in the last hour
Analysis
Bitcoin rose 1.4% over the past hour as sentiment improved on the back of a JPMorgan note highlighting that January’s rally has strengthened the near-term outlook for bitcoin mining stocks, which can spill over into broader BTC risk appetite. CoinDesk also noted BTC’s growing correlation with the troubled software-stock sector, so any stabilization in that risk bucket may have supported the bounce.
Contributing Factors (3)
January rally bolsters near-term outlook for bitcoin mining stocks, JPMorgan says
Shares of mining companies rose last month despite softer bitcoin prices as storms cut the network hashrate and AI optimism grew, the bank said.
Bhutan moves bitcoin to trading firms and exchanges as BTC drops to nearly $70,000
Wallet data shows the Royal Government of Bhutan moving bitcoin to trading firms and exchanges for the first time in months, as markets slide and volatility spikes across crypto and metals.
Bitcoin's correlation with troubled software stock sector is growing
Software stocks are thought to be facing an existential threat from the rise of AI, and Bitcoin, noted one analyst, is just open-source software.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.