Home Crypto News Bitcoin Bitcoin Price Spikes to $43,000 on Bittrex Ahead of Shutdown

Bitcoin Price Spikes to $43,000 on Bittrex Ahead of Shutdown

Teuta Franjkovic
Last Updated November 21, 2023 12:02 PM
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Key Takeaways

  • Bittrex Global has revealed its decision to cease all trading activities.
  • Bitcoin jumped to $43,360 right after the news.
  • This move follows the earlier bankruptcy filing of the exchange’s U.S. branch, which paid a $24 million fine to the SEC.

Liechtenstein-based Bittrex Global revealed today its decision to conclude operations, discontinuing all trading on its exchange by December 4.

Subsequent to this announcement, Bitcoin experienced a surge on this platform, surpassing $40,000 and reaching $43,000.

Bitcoin Surpasses Its Yearly High

Following the announcement of Bittrex Global discontinuing all its operations, Bitcoin attained a yearly high, reaching $43,360 on this exchange. Subsequently, the cryptocurrency has experienced a slight decrease, currently standing  at $41,592 at the time of writing.

Bittrex Global has announced the termination  of its global operations following the recent shutdown of its U.S. branch due to legal challenges with the U.S. Securities and Exchange Commission (SEC). Starting from December 4, Bittrex Global will cease all trading activities, concentrating solely on enabling asset withdrawals for its users.

Earlier this year, Bittrex US declared its plans to wind down operations, stating that it was “not economically viable” to operate in the current U.S. regulatory environment.

There are many possible reasons why the rise is happening. Buying Bitcoin in times of economical uncertainty became an almost traditional thing to do. Shutting down the exchange can have multiple outcomes.

Also, Bitcoin has experienced a recent surge fueled by rumors that U.S. regulators might approve Bitcoin spot ETFs. Analysts speculate that this development could attract a significant influx of capital into the cryptocurrency market.

Bitcoin Held in Exchange Wallets Sees Rapid Increase

It has recently been observed  that Bitcoin (BTC) held in wallets associated with centralized cryptocurrency exchanges is increasing at the quickest rate since May, suggesting a possible pause in the bullish market.

Glassnode’s  Bitcoin exchange net position change metric, which assesses the number of coins held by exchange wallets compared to the same date four weeks ago, surged to 31,382.43 BTC ($1.16 billion) on Sunday, marking the highest level since May 11, 2023. This rise has elevated the total balance held on exchanges to 2.35 million BTC.

Experienced Trader Peter Brandt Suggests $43,000 Target

Peter Brandt, a seasoned figure in the commodity hedge fund sector, has recently shared a post  on the social media platform X (previously Twitter), suggesting that Bitcoin might experience a surge.

In a recent tweet, Peter Brandt highlighted three chart patterns on the Bitcoin chart and suggested potential outcomes. If confirmed, the price trend could propel Bitcoin beyond $43,000. After illustrating to his X followers how to assess the likely target for a pennant or flag formation, Brandt projected that Bitcoin could reach around $43,289 if the pattern holds.

Bitcoin prices surpassed $37,000 last week, marking the first time since May 2022 and extending the significant recent surge of the largest digital asset. Bitcoin reached a record high of $37,999 on Thursday, the highest level since May 2022.

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