Bitcoin is up more than 6% on the day after breaching $47,000 on the back of strong buyer demand.
The world's largest crypto by market cap has hit a 24-hour high of $47,359 and is now posting a 62.2% year-to-date return, CoinDesk data shows. Current prices are resting just above the $47,000 price tag with one BTC fetching roughly $47,100.
"What we're seeing are market participants testing this level and reacting to the positive news from Coinbase," said Daniel Kim, head of capital markets at Australia-based decentralized lending company Maple Finance.
Hourly spot volume across multiple exchanges also clocked the highest point in a week (Aug. 13). Meanwhile, daily volume on Thursday registered higher volume than the day prior confirming the upward momentum.
"We’ve been hearing commentary that hedge funds were viewing $45,000-$50,000 as a key level for it to be a 'bitcoin market,' Kim said. "Over the past two weeks, we’ve seen our institutional USDC borrowing demand significantly grow."
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.