Home Coin news Bitcoin Breaches $60,000 for the First Time in Over 2 Years

Bitcoin Breaches $60,000 for the First Time in Over 2 Years

28 Feb, 2024 Coin news

Bitcoin Breaches $60,000 for the First Time in Over 2 Years

For the first time in over two years, Bitcoin surpassed the $60,000 mark, experiencing a more than 6% increase within a 24-hour period, culminating at $60,001 on Binance at precisely 1:11 pm UTC.

This milestone marks a significant recovery, as Bitcoin has soared over 13% in the past week and 37% over the last month, as reported by CoinMarketCap.

The last instance Bitcoin was seen at these levels was on November 12, 2021, before it underwent a dramatic decrease of over 67%, bottoming out at $19,297 in early April 2022.

The surge in Bitcoin’s value is largely credited to anticipation of the forthcoming halving event, known to trigger a spike in purchasing activity.

Bryan Legend, a prominent investor and CEO of Hectic Labs, commented to Cointelegraph, "Investors expect a reduction in supply to drive up prices.

This is better known as the ‘Pre-Halving rally’ which contributes to a new bull market with a refreshed bullish sentiment. This is exactly what we are seeing today.”

However, the crypto analyst known as Rekt Capital suggests a possible "pre-halving retracement" might occur, emphasizing that the market has yet to fully account for the upcoming Bitcoin halving, with significant price movements historically following such events, as noted in a post on Feb. 28.

Following this bullish trend, the United States witnessed record-breaking daily trading volumes for spot Bitcoin exchange-traded funds (ETFs), reaching an all-time high of $2.4 billion on February 26, as per Bloomberg’s senior ETF analyst, Eric Balchunas.

The nine new spot Bitcoin ETFs continued this high trading volume, exceeding $2 billion for the second day in a row on February 28.

Balchunas highlighted on X that BlackRock’s iShares Bitcoin Trust ETF saw a significant increase in trades, while an on-chain data analytics firm, CryptoQuant, reported that approximately 75% of new Bitcoin investments were attributed to these ETFs.

Sources:

https://cointelegraph.com/news/bitcoin-breaches-60-000

https://twitter.com/EricBalchunas/status/1762589798827458693

https://twitter.com/EricBalchunas/status/1762224483559977037

https://twitter.com/rektcapital/status/1762619450669371468

https://coinmarketcap.com/currencies/bitcoin/

Back to Coin news
Related articles
Bitcoin Surpasses 65 Million Ordinals Inscriptions

Coin news

Bitcoin Surpasses 65 Million Ordinals Inscriptions

Bitcoin Surpassed $72,000 Despite $102 Million Shorts

Coin news

Bitcoin Surpassed $72,000 Despite $102 Million Shorts

PayPal Stablecoin Circulation Dropped 38% in March

Coin news

PayPal Stablecoin Circulation Dropped 38% in March

Polkadot Active Addresses Hit Record 600,000

Coin news

Polkadot Active Addresses Hit Record 600,000

Don’t miss any crypto news

Subscribe to our Newsletters - the best way to stay informed about the crypto world. No spam. You can unsubscribe anytime.

By sharing your email, you consent to receiving BITmarket’s newsletter. Read how we process your data in our Privacy policy

You’ve made us very happy 😊

Subscribe to our Newsletters - the best way to stay informed about the crypto world. No spam. You can unsubscribe anytime.

Something went wrong 😔

If your problem persists please try contact our support