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Cryptocurrency Forensics 🚀🌑

Why is Bitcoin price up today?[2023-12-12]

Analyzing the Surge in Bitcoin Price: Unraveling the Factors Behind Today’s Upswing

Bitcoin’s price has surged today, propelled by a confluence of factors such as growing institutional investments and a prevailing belief among traders that approval for a spot Bitcoin ETF is imminent, further amplifying the bullish momentum. Following its most robust monthly close in 19 months, it is crucial to delve into the underlying reasons driving the current upswing in Bitcoin’s value.

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Initially, Bitcoin encountered mixed signals after the guilty plea of former Binance CEO Changpeng “CZ” Zhao and the subsequent $4.3 billion settlement agreement with the U.S. Department of Justice (DOJ) on November 21. Despite this, the market observed that Binance did not witness a mass exodus of funds, in stark contrast to FTX’s liquidity crisis fallout. Esteemed figures in the crypto market, such as Galaxy Digital CEO Mike Novogratz, view the settlement as an overall positive development.

In the aftermath of the initial outflows, Binance’s Bitcoin reserves, which had initially dropped by 17% from their all-time high, are now experiencing a resurgence, increasing by nearly 1%. In comparison, FTX’s BTC reserves suffered a staggering 99.9% depletion from their peak during the liquidity crisis in November 2022, with no signs of recovery. On-chain analytics firm Nansen’s research indicates that Binance, the largest crypto exchange, has resumed normal operations, with CEO Richard Teng asserting a transformative shift in the platform’s approach.

While Binance’s Bitcoin reserves are currently at their lowest since March 15, the exchange still holds the largest amount of BTC compared to other centralized exchanges. The fact that there hasn’t been a significant exodus from Binance is complemented by an industry-wide trend of multi-year lows in Bitcoin deposits across all exchanges. The diminished number of daily Bitcoin deposits, a key metric often associated with increased selling, has not been this low since July 2020.

In the face of various macroeconomic challenges, Bitcoin’s price continues to ascend, boasting a remarkable 163.2% year-to-date gain, accompanied by heightened volatility. Some Bitcoin analysts posit that the Binance-DOJ settlement sets a bullish precedent for the potential approval of a spot Bitcoin ETF, drawing parallels with a similar agreement involving Arthur Hayes and BitMEX.

Although some analysts attribute Bitcoin’s price surge to whale activity, it is noteworthy that BTC has outperformed both gold and the U.S. dollar, more than doubling their returns in 2023. Despite Bitcoin’s robust performance, the Securities and Exchange Commission (SEC) remains hesitant to greenlight a spot Bitcoin ETF, despite a growing list of applicants, including industry giants like BlackRock, Fidelity, ARK Invest, and 21Shares. Reports suggest that BlackRock has received $100,000 in seed funding for its proposed spot Bitcoin ETF. Analysts at CryptoQuant anticipate that ETF approval could trigger a staggering $600 billion in new demand, potentially resulting in a $1 trillion increase in Bitcoin’s market capitalization.

Galaxy Digital foresees a substantial 74% price increase in the first year following the launch of a spot Bitcoin ETF. The upcoming window for the SEC to potentially approve such an ETF is from January 5 to January 10.

Simultaneously, institutional investors have already begun deploying substantial funds into Bitcoin and the broader crypto market, totaling $1.8 billion year-to-date, according to CoinShares. Out of this, over $1.68 billion has specifically flowed into Bitcoin, with the past week alone witnessing $132.8 million in institutional inflows for the leading cryptocurrency. This trend underscores the growing institutional confidence and interest in the digital asset space.


Why is Bitcoin price up today?


In the dynamic realm of cryptocurrencies, the price of Bitcoin has once again taken center stage with a notable upswing. Investors and enthusiasts alike are keen to understand the driving forces behind this surge. Today, we delve into the intricacies of the cryptocurrency market to unravel the multifaceted reasons contributing to the current elevation in Bitcoin’s value.

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I. Institutional Investor Confidence:

One significant factor contributing to the surge in Bitcoin price is the renewed confidence among institutional investors. In recent times, there has been a substantial influx of institutional capital into the cryptocurrency market. Notably, a staggering $1.8 billion has been deployed by institutional investors into Bitcoin and other crypto assets year-to-date. This influx reflects a growing acceptance of Bitcoin as a legitimate and valuable asset class.

II. Anticipation of a Spot Bitcoin ETF Approval:

The cryptocurrency community is abuzz with speculation surrounding the imminent approval of a spot Bitcoin ETF. Traders and investors are placing their bets on regulatory green lights, anticipating that such approval could usher in a new era for Bitcoin. Analysts argue that a spot Bitcoin ETF could provide mainstream investors with easier access to the cryptocurrency market, potentially leading to increased demand and subsequently driving up its price.

III. Binance’s Resilience Post-Legal Settlement:

Despite initial concerns stemming from the legal issues faced by Binance, the world’s largest cryptocurrency exchange, the market has observed a remarkable resilience in the platform. The recent guilty plea by former Binance CEO Changpeng “CZ” Zhao and the subsequent $4.3 billion settlement with the U.S. Department of Justice initially raised uncertainties. However, the exchange’s ability to retain and attract funds, coupled with positive sentiments from influential figures like Galaxy Digital CEO Mike Novogratz, has contributed to a sense of stability.

IV. Exchange Dynamics and Bitcoin Reserves:

Examining the dynamics of cryptocurrency exchanges provides additional insights into the current Bitcoin price surge. Unlike FTX, which experienced a significant depletion of BTC reserves during a liquidity crisis, Binance has managed to weather the storm with only a moderate decrease in Bitcoin reserves, subsequently rebounding by nearly 1%. The market is taking note of this resilience, viewing it as a positive indicator for the overall health of the crypto ecosystem.

V. Market Trends and Reduced Bitcoin Deposits:

A noteworthy trend in the market is the multi-year lows in Bitcoin deposits across various exchanges. Traditionally, a high number of deposits may indicate an inclination toward selling. However, the current low level of Bitcoin deposits suggests a more conservative approach among market participants. This diminished selling pressure, coupled with a general reduction in market volatility, has provided a conducive environment for Bitcoin’s upward movement.

VI. Macroeconomic Landscape and Bitcoin’s Performance:

Bitcoin’s impressive year-to-date gain of 163.2% stands out against a backdrop of macroeconomic challenges. Despite uncertainties in traditional markets, Bitcoin has emerged as a resilient and high-performing asset, outpacing the returns of gold and the U.S. dollar in 2023. Analysts posit that this robust performance contributes to a positive sentiment surrounding Bitcoin, further fueling its current upward trajectory.


As we navigate the complexities of the cryptocurrency market, it becomes evident that a confluence of factors is propelling Bitcoin to new heights. Institutional investor confidence, the anticipation of a spot Bitcoin ETF approval, Binance’s resilience post-legal settlement, exchange dynamics, market trends, and Bitcoin’s impressive performance against traditional assets collectively contribute to the current surge in Bitcoin price. As the cryptocurrency landscape continues to evolve, market participants will closely monitor these factors to gauge the sustainability of Bitcoin’s upward momentum.

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