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Bitcoin Demand On The Rise Again — What’s Happening?

This week was one of two distinct halves for the price of Bitcoin, with the premier cryptocurrency rising to a new all-time high and dropping by about 13% a few days later. On Friday, December 20, the BTC price dropped to as low as $92,000. This abrupt Bitcoin price decline came following the US Federal Reserve’s rate cut, which also pushed other financial markets to the red. However, it is worth mentioning that the premier cryptocurrency is beginning to show signs of recovery, currently hovering around $97,000. Can Growing Demand Push BTC Price Back Above $100,000? In a recent December 20 report, market analytics platform CryptoQuant revealed an interesting on-chain development with the Bitcoin supply-demand dynamics. According to the blockchain firm, the BTC market seems to be enjoying renewed investor interest. Related Reading: How Low Can Dogecoin Go Before It Rebounds? Expert Forecasts The relevant indicator here is the Total OTC Desk Balance, which tracks the amount of Bitcoin held in addresses associated with Over-The-Counter (OTC) desks. This metric provides an insight into the supply of BTC readily to large investors and institutional players. According to data from CryptoQuant, the OTC desks are witnessing their largest monthly inventory decline of 2024, declining by over 26,000 BTC so far in December. This decline has been even more significant in the past 30 days, with the balance dropping by 40,000 BTC since November 20. This decline in the Total OTC Desk Balance is a bullish indicator, which reflects the soaring demand for Bitcoin and the concurrently shrinking supply. Typically, the contracting BTC supply on the open market could set the stage for a period of significant price appreciation. CryptoQuant noted that the price of Bitcoin rallied from $40,000 to around $74,000 in the 2024 first quarter after demand growth caused the Over-The-Counter desks’ inventories to fall. According to the market intelligence, the OTC desk’s inventory is beginning to near the levels seen during the first-quarter rally. Data from CryptoQuant shows that Bitcoin’s apparent demand is currently growing at a monthly rate of 228,000 BTC after entering the expansion territory in late September. At the same time, the balance of accumulation addresses is swelling at a record-high rate of 495,000 BTC per month. Bitcoin Price At A Glance As of this writing, the price of Bitcoin stands at around $97,655, reflecting a 0.1% decline in the past 24 hours. The premier cryptocurrency is down by nearly 4% on the weekly timeframe, according to data from CoinGecko. Related Reading: Dogecoin Price And Its Weekly Golden Cross: Why The Crash To $0.31 Remains Natural Featured image created by DALL-E, chart from TradingView NullTx

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R.Kiyosaki thanks Bitcoin investors for not trusting ‘Den of Thieves’

Robert Kiyosaki , the author of the personal finance book ‘Rich Dad Poor Dad,’ has expressed gratitude to Bitcoin ( BTC ) investors for refusing to place their trust in traditional financial institutions. The celebrity investor criticized these institutions, including the U.S. government, Treasury, and Federal Reserve, calling them a ‘Den of Thieves,’ he said in an X post on December 21. Kiyosaki, who also thanked investors in precious metals like gold and silver , accused the institutions of perpetrating wealth theft through the fiat monetary system. According to the financial educator, his distrust of the government began in 1965 when U.S. silver coins were replaced with copper alloys, which he viewed as a signal of the erosion of real monetary value. “THANK YOU gold, silver, and Bitcoin HODLERS: I do not trust the US Government, the US Treasury, or the FED. If you trust this Den of Thieves, that is your choice. I stopped trusting my government in 1965 when I noticed our silver coins were now alloys of copper,” he said. Kiyosaki emphasized his belief that real wealth lies in tangible and decentralized assets like gold, silver, and Bitcoin. Protecting wealth in financial crisis He also issued a grim forecast of a possible financial crash, urging investors to adopt his ‘rich dad’s’ philosophy of questioning traditional financial education and seeking guidance from wealthy individuals who prioritize wealth preservation. “If you do not being “ bent over” and your wealth is stolen via your fake money…. Keep being ignorant, working hard for fake money, and continue listening to financial planners who will tell you what to do with your fake money,” he added. As reported by Finbold, Kiyosaki has highlighted the importance of finding knowledgeable mentors to navigate high inflation and economic uncertainty in the U.S. Overall, the author has long been critical of traditional financial systems, blaming associated institutions for economic troubles such as rising inflation. Kiyosaki bullish on Bitcoin Furthermore, Kiyosaki maintains a bullish outlook on alternative investment assets like Bitcoin and precious metals. For instance, with Bitcoin surging to new highs above $100,000, Kiyosaki reiterated that it’s never too late to invest in the cryptocurrency, describing it as a coin ‘designed to make everyone rich,’ whether they are early adopters or latecomers. To this end, he predicts that the maiden cryptocurrency is likely to hit a high of $500,000 in 2025. He also views Bitcoin as a potential threat to the U.S. dollar, which he has termed ‘fake money, ’warning that the asset’s Bitcoin fixed supply could collapse the currency amid fears of ongoing devaluation. Meanwhile, Kiyosaki’s views on Bitcoin and traditional financial systems could be challenged. For instance, fiat currencies have been used to manage economies through central bank policies offering proven stability, flexibility, and regulatory oversight. On the other hand, while Bitcoin offers transferability, although still maturing, its volatility makes it a risky investment, unlike gold and silver, which require physical storage. Disclaimer : The featured image in this article is for illustrative purposes only and may not accurately reflect the true likeness of the individuals depicted. The post R.Kiyosaki thanks Bitcoin investors for not trusting ‘Den of Thieves’ appeared first on Finbold . NullTx