Cryptocurrency

Horizen

Bitcoin

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 <p class="paragraph">In recent weeks, Bitcoin (BTC) has embarked on a rollercoaster ride, plunging to as low as $25,100 earlier this month. While the cryptocurrency has displayed signs of recovery, it seems to be struggling to gather the momentum needed for a significant breakthrough.&nbsp;</p> 
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 <p class="paragraph">Nonetheless, this week has witnessed noteworthy gains for BTC as investors welcomed a new potential catalyst for institutional crypto adoption.</p> 
 <h2 class="wp-block-heading" id="h-what-happened">What happened?</h2> 
 <p class="paragraph">The maiden cryptocurrency surged once again above the $27,000 mark this week after Nomura, the largest investment bank in Japan, announced the launch of the ‘Bitcoin Adoption Fund.’<br></p> 
 <p class="paragraph">The new offering was developed to provide institutional investors with long-only exposure to Bitcoin, propelling BTC to the top of the list of trending cryptocurrencies, <em>Santiment</em> data showed on September 20.</p> 
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  <img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh6.googleusercontent.com/3keXdCKpcCJMM8BwZMoRATz8nMd70eMSy_N5dO_zjPn82cPDgKEgZ8nkv1PbR7hDtz3eEIExUuwVixv0g4og1l_gYRh9aaHbSbdHoZNZVJ8kqA1Gzjzt6OkHkGp-QY7EPLjSaqetM0c1ZjHDGGneQVA" alt> 
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    BTC became the top trending cryptocurrency after Nomura’s announcement. Source: Santiment 
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  <p class="paragraph">“Bitcoin received a boost to $27.2K after Japan’s largest investment bank, Nomura, launched an Adoption Fund for institutional investors. This is the latest in crypto’s efforts to increase exposure for interested parties beyond traditional traders.”&nbsp;</p> <cite>– Santiment noted.</cite> 
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 <p class="paragraph">Nomura, a Japanese financial behemoth with more than $500 billion in assets under management, is targeting institutional investors interested in crypto after a number of Wall Street giants filed for launching a spot Bitcoin exchange-traded fund (ETF) earlier this year.&nbsp;</p> 
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2> 
 <p class="paragraph">At the time of writing, Bitcoin was changing hands at $27,142, up 0.82% in the past 24 hours.</p> 
 <p class="paragraph">Over the past week, the leading crypto asset gained more than 5%, recovering from the 3-month lows it reached earlier in the month.</p> 
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  <img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh4.googleusercontent.com/pKain_N0MwrfmXWglFjTneyGyhqXwfIpXGNMf2CywLaxVKVv_619ceV4eMOXln34q59UKo3WTtrGzGm4NjIXVYPokzzJ38u5qa7Jvcw4hs0MuzaxYJC_-QDuyEeS8MFjpiydAb06fSIpuLgt8a7PENg" alt> 
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    BTC 1-week price chart. Source: Finbold 
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 <p class="paragraph">Year-to-date, Bitcoin remains one of the best-performing major crypto assets, surging 65% since January 1, 2023.</p> 
 <h2 class="wp-block-heading" id="h-bitcoin-s-sleeping-wallets-are-waking-up">Bitcoin’s sleeping wallets are waking up&nbsp;</h2> 
 <p class="paragraph">In a separate post on X (formerly Twitter), behavior analytics platform Santiment revealed a notable jump in Bitcoin’s on-chain activity since April.</p> 
 <p class="paragraph">In particular, Santiment noted a significant increase in utility, and a “big dormant activity spike” as the cryptocurrency reclaims the $27,000 level, which is “proving to be polarizing.”</p> 
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  <img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh4.googleusercontent.com/S49d1ElGRvvj8shcyh7kNYXhqLU4jk7IX_61n0QCf4SedSmvvC2uWqjxXzgOy2XLtadsx3KAgMO_q845TDTfBUkFyMdHxbc5HTtqNqUpa4jXPLfJ9KvOS8yYJu585073A1f1e3bhy5LW_BkK2QzmJ6s" alt> 
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    Bitcoin’s on-chain activity data. Source: Santiment 
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 <p class="paragraph">The on-chain data shows that BTC has been averaging 1.1 million active addresses per day in September – the highest since April 2023.</p> 
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/why-is-bitcoin-up-this-week-tbt63336.html">https://thebittimes.com/why-is-bitcoin-up-this-week-tbt63336.html</a></p>

Why is Bitcoin up this week?

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