Bitcoin Briefly Breaks Above $45,000 Second Time This Week: Possible Reason

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Yuri Molchan

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The largest global cryptocurrency has spiked above $45,000 again this week

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Bitcoin, the largest cryptocurrency by market cap, has spiked above the $45,000 level for the second time this week. Previously, it briefly surpassed this price mark on Feb. 8.

Image via TradingView

The day before that, as covered by U.Today, on-chain data agency Santiment predicted that the leading digital currency was likely to continue rising this week, due to a major index on the stock market that Bitcoin has been closely associated with recently: the S&P 500.

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On Feb. 8, the market sentiment (Bitcoin Fear and Greed index) changed to “neutral” from “fear,” and Bitcoin briefly soared to a high of $45,510. Besides, the Canadian arm of accounting giant KPMG stated that it would add Bitcoin and Ethereum to its treasury funds.

According to a Santiment tweet posted as the week started, Bitcoin had been demonstrating a close tie to the S&P 500 index recently and has been rising along with it. Since Monday, this index has been up almost 2%.

By now, the Bitcoin price has gone down to $44,900.

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