Bitcoin rose 10% in 24 hours, exceeding expectations. Are there any potential reasons?

In a trend, the market will not stop easily

On February 15, after the official release of the CPI data, Bitcoin saw a rare one-day increase of 10.57%. The last time such a one-day increase occurred was in September 2022. BlockBeats sorted out recent events that may be potential reasons for the surge in Bitcoin.

Binance may pay fine and settle with regulator

According to the Wall Street Journal, Binance Chief Strategy Officer Patrick Hillmann said in an interview that Binance expects to pay the fine to settle existing U.S. regulatory and law enforcement investigations into its business. "Binance has grown rapidly, and at first it was a business driven by software engineers who were unfamiliar with the laws and rules established to address bribery and corruption, money laundering, and economic sanctions risks. The company has been working to fill gaps in its early compliance efforts, but still expects regulators to fine it for past behavior.

Binance is working with the regulators to figure out what remedial measures we have to take now to make up for this, which could be a fine, or it could be more... We don't know at this point. That's for the regulators to decide. But Binance is very confident in the current situation and very happy with the current progress."

Binance's position can basically be considered an industry risk indicator, and any regulatory changes on Binance will be directly reflected in the market.

As Patrick Hillmann said, being able to get Binance out of the regulatory quagmire is already the best news for the platform and the market.

USDT issuance

Stablecoin issuer Tether issued 1 billion USDT twice on the Tron network within one day at 16:56 and 23:19 Beijing time on February 13.

It has been a long time since USDT has been issued twice in one day, and the situation where USDT issuance = price manipulation has not happened for a long time, but for the current market, increased liquidity is always a good thing.

Rate hikes may end

The reversal of a long-term trend does not happen overnight, and when the long-term moving average reverses, the market will not stop easily.

Since Powell mentioned in his speech on November 30 that he "does not want to tighten too much", suggesting that the rate hike will slow down, the expectations of global super funds have reversed, and the US stock market has led the global market to counterattack. Macro researchers always like to study the Fed's balance sheet and fiscal data, but the market comes from expectations, and speculative sentiment often leads the real liquidity, and even ignores the overall liquidity. Since December, various rebounds in the crypto market have emerged one after another. First, Bitcoin and Ethereum resonated with small-cap coins, driving the overall trading volume up. Institutional funds and speculative funds are very active, and funds are eagerly looking for directions.

After the speculation in late January and early February, the US CPI data in January slowed down, which was in line with market expectations and reaffirmed market confidence. In the long run, the profit effect of small funds revolves around the theme, and large funds are more constrained by overall liquidity. The four consecutive rises of the Nasdaq represent the confidence of large funds in the reversal of long-term liquidity. The peak of US Treasury yields, the continuous inflow of northbound funds in A shares, and the obvious loose monetary policy in China all represent the global consensus on the fundamentals.

With money and confidence, it is no surprise that Bitcoin has such a strong boost in such a market environment.

BLUR airdrops once again create a get-rich-quick effect

In the early morning of February 15, after repeated delays, the NFT market Blur finally officially issued tokens, and users were able to open boxes to receive airdrops. According to Dune Analytics data, 89,009 addresses have received a total of 325,837,849 BLUR airdrops, accounting for about 90% of the total airdrops.

Other data shows that the top claimant of the BLUR airdrop received more than 3.2 million BLUR tokens, which is worth about $3.48 million, according to the current price of about $1.09 per token on the OKX market panel. The second and third claimants received 2.97 million BLUR and 2.5 million BLUR respectively. Although the second largest claimant of the BLUR airdrop has since transferred and sold nearly half of the airdrop tokens, it is still a considerable windfall considering its selling price of 0.68.

The last time the airdrop wealth-creating effect occurred was in DYDX in September 2021.

Profit-taking funds flow into Bitcoin

While the world is hyping AI, cryptocurrencies have not missed out on this feast. Not only has the AI ​​concept become a monster every day, but also new public chains, LSD, ZK, Arbitrum and other concept sectors have rotated frequently. These profit-taking may also help the leading cryptocurrency to rise.