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Cryptocurrency Forensics 🚀🌑

Why is Bitcoin price up today?[2023-11-17]

Why is Bitcoin price up today?

The cryptocurrency market is experiencing a surge in institutional interest, marked by significant price highs in its largest asset as major Wall Street firms approach the launch of financial products based on it.

Over the past month, BlackRock’s progress toward securing approval for a spot bitcoin exchange-traded fund (ETF) has triggered $100 million in liquidations at various points. This journey has propelled bitcoin to a 16-month price high and a peak of $37,000, not seen in over a year. However, this may just be a glimpse of what lies ahead for bitcoin, as demand from an expanding roster of asset managers rises while the available supply continues to dwindle.

“Now you have other players like BlackRock, Vanguard, Fidelity, and ARK trying to secure their share, competing for what remains, and what remains is not much,” explained George Tung. “This is why bitcoin serves as an effective hedge against inflation because the scarcity and supply factors are significant. The supply is diminishing, and demand keeps increasing.”


In essence, bitcoin has been designed as a deflationary store of value and a peer-to-peer electronic cash system. With only 21 million bitcoins ever to be in existence, they are issued at a diminishing rate, halving approximately every four years.

Compounding the scarcity for Wall Street is the fact that a few highly committed investors have already acquired a considerable share. This includes the pseudonymous creator Satoshi Nakamoto, digital assets firm Grayscale, and MicroStrategy, the world’s largest public holder of bitcoin.

“Consider the bitcoin controlled by Satoshi, around 1 million… you can consider that as supply removed forever, no one will ever touch that,” Tung elaborated. He illustrated this with a graphic showing the millions of bitcoins held by just a few entities. “And then you see (the supply) controlled by Grayscale. They hold like 650,000 bitcoins, a lot… And then you look at MicroStrategy. MicroStrategy wants to catch up. They keep buying and buying and buying, maybe one day they will have as much as Grayscale. So this is just like three people, three entities which control a massive amount.”


Additionally, bitcoin’s illiquid supply has reached a record high of over 15 million BTC.

“There’s only about 2 million bitcoin left on the exchanges, and even that is going down significantly,” added Tung. “Going forward, in the next 10 years, 20 years, we will see the supply decrease to such low levels that it becomes nearly impossible for anyone at that point in time to accumulate even a single bitcoin.”

As the crucial deflationary aspect of the Bitcoin protocol, the halving historically triggers a scramble for available supply, leading to a price surge. With the next halving projected for April 2024, the bitcoin mining industry is investing more money and energy than ever into the competition for BTC rewards.

“The hash rate is soaring right now,” Tung noted. “This may drive out many smaller miners, but the big miners are loading up as much as possible and hoarding every single bitcoin they get. They won’t let go because, as big as they are, they’re nobodies compared to BlackRock.”

In summary, due to the increasing demand for bitcoin and the irrefutable constraints of its limited and diminishing supply, the bitcoin price seems poised for continuous upward movement.

“Currently, you have the opportunity to buy bitcoin around $37,000, which I know is a substantial amount, but it’s a gift because six years from now, people might have to pay possibly $370,000 or $500,000 for a single bitcoin,” predicted Tung. “We’re talking about this possibly happening within the next 10 years.”

In the broader context, BlackRock’s foray into the bitcoin market is bolstering bullish price predictions, with Anthony Scaramucci of Skybridge Capital anticipating a $330,000 bitcoin price and Cathie Wood of ARK Invest expecting the crypto asset class to reach $25 trillion by 2030.


Understanding the Surge: Factors Driving Today’s Bitcoin Price Rally


In the fast-paced world of cryptocurrency, the question on everyone’s mind is often, “Why is Bitcoin price up today?” The volatility of the market makes it imperative to explore the various factors influencing these fluctuations. In this analysis, we delve into the current circumstances contributing to the surge in Bitcoin prices.

Institutional Interest and Market Dynamics

One significant driver behind today’s Bitcoin price increase is the escalating institutional interest. Established financial giants like BlackRock, Vanguard, and Fidelity are actively exploring avenues to incorporate Bitcoin into their offerings. The pursuit of regulatory approval for a spot Bitcoin exchange-traded fund (ETF) by BlackRock, in particular, has been a pivotal moment. This institutional embrace brings a level of credibility and acceptance that the crypto market has long sought.

As these financial powerhouses navigate the regulatory landscape, the market witnesses substantial capital inflows, creating a surge in demand for Bitcoin. Market dynamics respond to this heightened demand, with traders and investors scrambling to secure their positions in anticipation of future gains.

Supply Scarcity and the 21 Million Limit

Bitcoin’s inherent design plays a crucial role in its current price trajectory. With a fixed supply limit of 21 million coins, Bitcoin operates on a deflationary model. The scarcity of supply becomes more pronounced as the rate of new Bitcoin issuance diminishes every four years through a process known as halving.

This scarcity factor is compounded by the fact that a significant portion of the existing Bitcoin supply is held by a few entities, including the mysterious Satoshi Nakamoto, Grayscale, and MicroStrategy. The control of substantial Bitcoin reserves by these entities removes a considerable portion from the circulating supply, further tightening the available pool.

Intriguingly, the illiquid supply of Bitcoin has reached an all-time high, surpassing 15 million BTC. The diminishing availability of Bitcoin on exchanges adds another layer to the scarcity narrative, making it increasingly challenging for investors to acquire substantial amounts.

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Mining Industry Dynamics and the Halving Effect

The Bitcoin mining industry plays a pivotal role in the market’s dynamics. Bitcoin’s protocol dictates a halving event approximately every four years, reducing the reward miners receive for validating transactions. The next halving is projected for April 2024.

In response to the upcoming halving, the mining industry is witnessing a surge in investment. The hash rate, indicative of the computational power securing the Bitcoin network, is skyrocketing. While this trend may potentially drive out smaller miners, larger mining entities are accumulating Bitcoin aggressively, hoarding their holdings in anticipation of future price appreciation.

Global Economic Uncertainties and Inflation Hedge

Bitcoin has gained recognition as a hedge against economic uncertainties and inflation. Traditional markets often witness a flight to safe-haven assets during times of economic turmoil. Bitcoin, with its decentralized nature and finite supply, presents itself as a digital alternative to traditional safe-haven assets like gold.

As concerns about inflation grow in the face of unprecedented global economic challenges, investors are increasingly turning to Bitcoin to preserve and grow their wealth. This surge in demand is a direct response to the perceived value of Bitcoin as a store of value in times of economic uncertainty.


In conclusion, the surge in Bitcoin prices today is a result of a confluence of factors. Institutional interest, scarcity dynamics, mining industry trends, and Bitcoin’s role as an inflation hedge collectively contribute to the current bullish sentiment. As the cryptocurrency market continues to evolve and integrate with traditional finance, understanding these factors becomes crucial for investors and enthusiasts alike. Today’s surge may be a snapshot of a larger trend, highlighting the evolving landscape of Bitcoin and its growing acceptance in the broader financial ecosystem.


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