Bitcoin Pushes Market Forward

Bitcoin’s network, known as Taproot, was finally activated on Sunday after a 4-year wait. Given the anticipation among investors, it stands to reason that Bitcoin would shoot up on the news. Experts say this upgrade is a positive step that makes the currency more private, efficient, and secure. As a result of the upgrade, Bitcoin was able to rise 1.46% in the past 24 hours, just topping $66,000 per coin. Over the past week, the token is up 2.02%. As Bitcoin rose, it lifted other ships like Ehtereum, which ticked up 0.05% to reach $682 per token. Also moving are crypto “whales” who are moving massive amounts of currency at once. Ki Young Ju, CEO of Cryptoquant, said it was “the largest moving I’ve ever seen since 2017, excluding outliers.” Across the market, Ethereum is burning as the NFT sector is burning Ethereum. Journalist Colin Wu said that 1,000,000 Ethereum burned on Open Sea, equating to about $400 million.