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Bitcoin is approaching $45,000; Cryptocurrency trading volumes increase

by SuperiorInvest

Bitcoin rose to a four-week high approaching $45,000 on Thursday amid record highs in US stock indices. Bitcoin, which fell as low as $42,700 on Wednesday, rose nearly 5% to $44,800, the highest level since Jan. 11, according to data from CoinDesk. “Technically speaking, bitcoin has broken out of a range and could be looking for a push towards a new yearly high of $50,000,” LMAX Digital said in a morning note. According to Laurent Kssis, crypto ETP specialist at CEC Capital: “This pump is driven by leverage, i.e. open interest in BTC contracts has increased by $982 million in less than 24 hours.” Kssis said he remains cautious and the $40,000 level could be tested over the weekend. “But the overall sell-off indicates a little further BTC appreciation that will break the key 45k support barrier.” Ether also gained, adding 3% to a two-week high after asset managers Ark Invest and 21Shares amended their joint ETH exchange-traded fund (ETF) filing. The CoinDesk 20 rose 4%.

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