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

Quick Summary:

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.

This decline in the Total OTC Desk Balance is a bullish indicator, which reflects the soaring demand for Bitcoin and the concurrently shrinking supply.

This abrupt Bitcoin price decline came following the US Federal Reserve’s rate cut, which also pushed other financial markets to the red.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Author / Journalist: Opeyemi Sule

Category: Crypto

Markets: United KingdomOman

Topics: Bitcoin demand Bitcoin Bitcoin BTCUSDT CryptoQunat Bitcoin price

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-21 @ 15:00:13 (1 days ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 406 words

Reading Time: 3 minutes read

Sentences: 68 lines

Sentence Length: 6 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 24576130

View Article Analysis

About NewsBTC

Main Topics: Crypto

Official Website: newsbtc.com

Update Frequency: 3 posts per day

Year Established: 2013

Headquarters: United Kingdom

News Last Updated: 20 hours ago

Coverage Areas: United Kingdom

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #102

Publisher Details

Frequently Asked Questions