Bitcoin reaches the $69k mark after a series of large investments


The Bitcoin (BTC) price has gained bullish momentum, surpassing the $69,000 mark, after a bearish weekend.

BTC is up by 1.3% in the past 24 hours and is trading at $69,080 at the time of writing. The flagship cryptocurrency’s market cap surpassed the $1.35 trillion mark with a daily trading volume of $22.7 billion.

Bitcoin reaches the $69k mark after a series of large investments - 1
BTC price, RSI, active addresses and supply in profit – June 3 | Source: Santiment

The bullish momentum comes after a few large investments around the Bitcoin ecosystem. Per a report on June 1, Paradigm helped the Bitcoin staking protocol Babylon raise $70 million. 

Moreover, Tether, the USDT issuer, rushed to buy up to $150 million worth of Bitdeer shares in a private deal. Bitdeer is a popular Bitcoin mining company and its shares are worth between $6 and $7.

The Republic of Tatarstan, also known as Tataria, is trying to build the largest Russian Bitcoin mining company, worth roughly $100 million. Innopolis Tech, a fintech company governed by a former Russian minister of communications, will be leading the project.

According to data provided by Santiment, the number of active addresses on the Bitcoin network has been consistently declining over the past four days — falling from 683,150 on May 31 to 538,240 unique daily active addresses at the reporting time.

Data from Santiment shows that the total supply in profit has slightly increased — rising from 18.28 million BTC to 18.33 million coins. Notably, 19.707 million Bitcoins have entered circulation so far. 

The BTC Relative Strength Index (RSI) is currently sitting at the 54 mark, according to Santiment. The indicator shows that Bitcoin is still in good condition for a steady bullish momentum.



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