Bitcoin reaches $24,000 as shorts continue to be punished

GB Market Commentary 02/02/2023

by Marcus Sotiriou

Bitcoin breached $24,000 soon after yesterday’s daily close, as shorts continue to be blown out. In fact, data from Glassnode shows that $495 million in Bitcoin short positions have been liquidated over the past month.

Bitcoin is becoming used more frequently for payments, as South Africa's largest grocery store and supermarket, Pick n Pay, now accepts Bitcoin at over 770 locations. In addition, 60 million Filipinos can now use the Bitcoin Lightning Network to send zero-fee payments instantly using Strike. Considering that 8% of the Filipinos GDP is for remittances, according to the World Bank, this is a great milestone for proving crypto’s use case.

Institutional capital is still entering the crypto scene as Canadian crypto mining firm Pow.re announced today that it has closed a $9.2 million Series A round, which valued the company at $150 million. This is in addition to a $18 million strategic investment. The Series A round was led by Haru Invest, a crypto asset management company.

Calvin Tay, Pow.re's Group CFO, said, "this mandate will enable us to accelerate our growth and capitalize on opportunities in current market conditions”.

Pow.re’s operations are focused on sustainability, as its facilities in Paraguay and Canada will be powered by hydroelectricity, and a facility near Quebec’s St. Lawrence River uses wind power.

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