Bitcoin Poised To Reclaim $64K, Now Back Halfway To $63,000 – New ATH Coming For March?
29 February 2024 - 3:59PM
NEWSBTC
In a blazing start to March, the feverish activity of Bitcoin has
set it up for its largest monthly increase in almost three years
early Thursday. Money pouring into listed bitcoin funds is fueling
a huge gain, and bitcoin is now just a stone’s throw away from a
record high. Related Reading: Bitcoin Fast Approaching $60,000 As
BTC F&G Index Hits ‘Extreme Greed’ – Details Source: Coingecko
Investor Frenzy As Bitcoin Set To Reclaim $64K The primary
cryptocurrency rose as much as 14% late Wednesday to momentarily
reach $64,000 — its first move above $60,000 since November 2021 —
before reversing part of the gains. BTC was trading at $62,540 as
of this writing, according to data from Coingecko. Due to “fear of
losing out” on potential price increases, investors are rushing to
buy cryptocurrencies, which brings back memories of the crypto bull
market that drove the main cryptocurrency asset to a record high of
around $69,000 in November 2021. Since the beginning of the year,
the value of bitcoin has more than tripled, recovering from a 64%
decline in 2022. That is an incredible recovery from a slew of
scandals and bankruptcy that had cast doubt on the sustainability
of digital assets. Meanwhile, the sudden changes in price have been
whipsawing both bulls and bears. According to CoinGlass,
centralized exchanges had short liquidations of $176 million and
long liquidations of $86.1 million over the previous day. Bitcoin
market cap currently at $1.22 trillion. Chart: TradingView.com
Crypto Rising After prices crashed during the “crypto winter” of
2022, investors lost interest in spot bitcoin exchange-traded
funds. However, this year’s approval and introduction of these
funds to the US market has rekindled interest in cryptocurrencies.
According to LSEG statistics, the top 10 spot bitcoin ETFs saw
inflows of $420 million on Wednesday alone, the highest amount in
nearly two weeks. Voltages increased when the three most
well-known, operated by Grayscale, Fidelity, and BlackRock
(IBIT.O), ignited a whole new interest. Ahead of April’s halving
event, which occurs every four years and reduces the rate at which
tokens are generated by half as well as the prizes paid to miners,
more traders have now been flocking to bitcoin. Source:
Alernative.me What The Experts Are Saying “Bitcoin optimism is
fueled by factors like spot BTC ETF inflows, the imminent halving
reducing new issuance, and renewed confidence in the crypto asset
class, according to Jonathon Miller, managing director at Kraken
Australia.” “When people see these kinds of increases in a short
period of time . . . then it just draws in people and Fomo does
kick in,” said Timo Lehes, co-founder of blockchain company Swarm.
“It’s just insane.” “We could see the all-time high being broken
any day now,” said Simon Peters, an analyst at trading firm eToro.
“The driving force behind it is without a doubt the [bitcoin
funds].” Related Reading: XRP Sinking? A Double Blow Of
Underperformance And Address Exodus A New ATH This March? As
Bitcoin experiences brief but notable fluctuations, reaching
$64,000 before retracing to the $62,000 mark, the cryptocurrency
market remains dynamic and full of anticipation. Investors and
enthusiasts are closely monitoring the price movements, speculating
on the possibility of a new all-time high (ATH) in March. Featured
image from Pexels , chart from TradingView
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