{"id":1459746,"date":"2024-02-28T13:33:05","date_gmt":"2024-02-28T18:33:05","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1459746"},"modified":"2024-02-28T13:33:05","modified_gmt":"2024-02-28T18:33:05","slug":"bitcoin-breaches-60000-hits-record-high-in-a-dozen-other-currencies","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/bitcoin-breaches-60000-hits-record-high-in-a-dozen-other-currencies\/1459746\/","title":{"rendered":"Bitcoin Breaches $60,000; Hits Record High In A Dozen Other Currencies"},"content":{"rendered":"

Bitcoin Breaches $60,000; Hits Record High In A Dozen Other Currencies<\/span><\/p>\n

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Bitcoin breached $60,000 for the first time in two years and three months after rising over almost 20% in the last three days…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

The last time Bitcoin traded above $60,000 was on Nov. 12, 2021<\/strong>, when Bitcoin started its reversal, falling over 67% to the macro low of $19,297 at the beginning of April 2022.<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Ethereum has also been on a strong run recently, topping $3300 for the first time since April 2022…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Additionally, over the past few days, BTC has hit ATH\u2019s price against the Japanese yen, Malaysian\u00a0ringgit, Indian rupee, Taiwan dollar, South Korean won, Chilean peso, Australian dollar, Chinese yuan, South African rand, Norwegian krone and Turkish lira.<\/em><\/p>\n

\u201cIt\u2019s pretty nuts,\u201d<\/strong><\/em> said\u00a0Ryan Kim, head of derivatives at digital-asset prime brokerage FalconX.<\/p>\n

The new BTC ATH against these currencies indicates a declining market value for the fiat currencies.<\/p>\n

<\/a><\/p>\n

CoinTelegraph reports<\/a> that Bitcoin\u2019s price performance can largely be attributed to the market anticipation surrounding the upcoming halving event,<\/strong> which historically leads to increased buying activity, according to Bryan Legend, investor and CEO of Hectic Labs. He told Cointelegraph:<\/p>\n

\u201cInvestors expect a reduction in supply to drive up prices. This is better known as the \u2018Pre-Halving rally\u2019 which contributes to a new bull market with a refreshed bullish sentiment. This is exactly what we are seeing today.\u201d<\/em><\/p>\n

Yet, according to pseudonymous crypto analyst Rekt Capital, a \u201cpre-halving retracement\u201d could still be on the table. The pseudonymous analyst added that the upcoming Bitcoin halving isn\u2019t priced in by the market, based on historical market data that saw Bitcoin\u2019s major movements occur after previous halvings, not before, Rekt Capital shared in a Feb. 28 X post.<\/p>\n

Here\u2019s Why the Bitcoin Halving Is NOT Priced In<\/p>\n

If you enjoyed this 1-minute summary on #BTC<\/a><\/p>\n

Checkout the full video here:https:\/\/t.co\/jxduExhrTu<\/a><\/p>\n

Enjoy and Subscribe!$BTC<\/a> #Crypto<\/a> #Bitcoin<\/a> pic.twitter.com\/UrWxbMA7iK<\/a><\/p>\n

\u2014 Rekt Capital (@rektcapital) February 27, 2024<\/a><\/p>\n

Bitcoin\u2019s bullish momentum comes two days after the spot Bitcoin exchange-traded funds (ETFs) in the United States broke an all-time high of $2.4 billion in daily trading volume on Feb. 26,\u00a0according<\/a>\u00a0to Eric Balchunas, senior ETF analyst at Bloomberg.<\/p>\n

<\/a><\/p>\n

Bitcoin ETF Flows. Source: Bloomberg<\/em><\/p>\n

The nine spot\u00a0Bitcoin ETFs have recorded<\/a>\u00a0combined trading volumes of over $2 billion for the second consecutive day on Feb. 28.<\/p>\n

<\/a><\/p>\n

Bitcoin ETF Volumes. Source: Bloomberg<\/em><\/p>\n

BlackRock\u2019s iShares Bitcoin ETF (IBIT) recorded over 100,000 individual trades on Feb. 27, up from around 30,000 to 60,000 average daily trades, according to an X post by Balchunas.<\/p>\n

This is wild stat: there were more individual trades yesterday in the bitcoin ETFs than there were in $SPY<\/a> or $QQQ<\/a>. And this is before they have options and\/or are available on many advisory platforms. Def a big retail component given size of trades. Bigger that I estimated. https:\/\/t.co\/PHsD4caa4c<\/a><\/p>\n

\u2014 Eric Balchunas (@EricBalchunas) February 28, 2024<\/a><\/p>\n

An estimated\u00a075% of new Bitcoin investments<\/a>\u00a0came from the spot Bitcoin ETFs in the United States, according to a Feb. 14 report by on-chain data analytics firm CryptoQuant.<\/p>\n

\u201cThis reversal is all the more impressive in the light of central banks signaling they intend to keep rates high a while longer, eroding the theory that the next crypto bull would be driven by dropping interest rates,\u201d<\/strong><\/em> said\u00a0Michael Safai,\u00a0co-founder at quantitative trading firm Dexterity Capital.<\/p>\n

As CoinTelegraph reports, <\/a>Bitcoin\u2019s price rally comes two days after the announcement that Michael Saylor\u2019s MicroStrategy had\u00a0acquired an additional 3,000 BTC<\/a>\u00a0for a total of $155 million at an average price of $51,813 between Feb. 15 and 25. With a total of 193,000 BTC acquired for $6.09 billion at an average price of $31,544, MicroStrategy is the world\u2019s largest Bitcoin holder among publicly traded companies.<\/p>\n

MicroStrategy has acquired an additional 3,000 BTC for ~$155 million at an average price of $51,813 per #bitcoin<\/a>. As of 2\/25\/24, @MicroStrategy<\/a> now hodls 193,000 $BTC<\/a> acquired for ~$6.09 billion at an average price of $31,544 per bitcoin. $MSTR<\/a> https:\/\/t.co\/micudbYf3P<\/a><\/p>\n

\u2014 Michael Saylor\u26a1\ufe0f (@saylor) February 26, 2024<\/a><\/p>\n

According to Mikkel Morch, founder of the digital asset investment fund ARK36, MicroStrategy\u2019s recent purchase is the institutional endorsement mainly fueling this rally. Morch wrote in a research note shared with Cointelegraph:<\/p>\n

\u201cThis rally is not just numbers on a chart; it\u2019s a declaration of the confidence among institutional investors in the transformative potential of cryptocurrencies\u2026 <\/strong>Moreover, the green light for Bitcoin-owning ETFs in the United States has injected a fresh wave of optimism, propelling trading volumes and spotlighting crypto-linked firms amidst a broader market fraught with apprehension.\u201d<\/em><\/p>\n

According to Morch, we could see a new all-time high for both Bitcoin and Ether in the next couple of weeks, driven by the anticipation of the upcoming Bitcoin halving and the potential acceptance of a United States spot Ether ETF.<\/p>\n

He wrote:<\/p>\n

\u201cThe anticipation swirling around the approval of spot Ether ETFs further underscores the maturation of the cryptocurrency market.<\/strong> It recognition of Ethereum\u2019s role not just as a digital currency, but as an infrastructure backbone for a future where finance and technology merge more seamlessly.\u201d<\/em><\/p>\n

The total crypto market capitalization increased by 2.85% in the past 24 hours to $2.19 trillion.<\/strong><\/p>\n

<\/a><\/p>\n

Ethereum is now larger than Exxon Mobil and Bitcoin overtook Meta in market cap.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 02\/28\/2024 – 08:33<\/span><\/p>\n

\u200bRead More<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin Breaches $60,000; Hits Record High In A Dozen Other Currencies Bitcoin breached $60,000 for the first time in two years and three months after…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1459746","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1459746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1459746"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1459746\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1459746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1459746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1459746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}