Bitcoin (BTC) has surged past the $69,000 milestone, marking a bullish turn following a weekend of bearish activity. At the time of reporting, BTC has seen a 1.3% increase in the last 24 hours, trading at $69,080. The cryptocurrency’s market capitalization has exceeded $1.35 trillion, with a daily trading volume of $22.7 billion.
This uptick in BTC’s value coincides with significant investments within the Bitcoin ecosystem. On June 1, Paradigm facilitated a $70 million fundraising round for the Bitcoin staking protocol Babylon. Additionally, Tether, the issuer of USDT, engaged in a private deal to acquire up to $150 million worth of shares in Bitdeer, a prominent Bitcoin mining company valued at $6 to $7 per share.
In another development, the Republic of Tatarstan, also known as Tataria, is spearheading efforts to establish the largest Russian Bitcoin mining enterprise, valued at approximately $100 million. Innopolis Tech, a fintech firm overseen by a former Russian minister of communications, is set to lead this ambitious project.
Despite a recent decline in the number of active addresses on the Bitcoin network over the past four days, dropping from 683,150 on May 31 to 538,240 at the time of reporting, data from Santiment indicates a slight increase in the total supply in profit, climbing from 18.28 million BTC to 18.33 million coins. Notably, out of the 19.707 million Bitcoins in circulation, this figure underscores ongoing activity within the market.
Santiment’s data also reveals that Bitcoin’s Relative Strength Index (RSI) currently stands at 54, indicating favorable conditions for a sustained bullish momentum.
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