Bitcoin Breaches $60,000 for the First Time in Over 2 Years
28 Feb, 2024 ● Coin news
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
