🌎 Bitcoin Surpasses $69K as Bullish Momentum Grows with Major Investments

The Bitcoin (BTC) price has recently 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 has surpassed the $1.35 trillion mark, with a daily trading volume of $22.7 billion.

The bullish momentum follows several significant investments in the Bitcoin ecosystem. On June 1, Paradigm supported the Bitcoin staking protocol Babylon with a $70 million investment.

In addition, Tether, the USDT issuer, made a private deal to purchase up to $150 million worth of Bitdeer shares. Bitdeer is a well-known Bitcoin mining company, with shares valued between $6 and $7.

The Republic of Tatarstan, also known as Tataria, is planning to establish the largest Russian Bitcoin mining company, valued at approximately $100 million. Innopolis Tech, a fintech company led by a former Russian minister of communications, will spearhead the project.

Data from Santiment indicates that the number of active addresses on the Bitcoin network has been declining over the past four days. Active addresses fell from 683,150 on May 31 to 538,240 unique daily active addresses at the reporting time.

Additionally, Santiment data shows a slight increase in the total supply in profit, rising from 18.28 million BTC to 18.33 million coins. Notably, 19.707 million Bitcoins are currently in circulation.

The BTC Relative Strength Index (RSI) is sitting at the 54 mark, suggesting that Bitcoin remains in a good position for continued bullish momentum.