In a momentous surge, Bitcoin has formally smashed by means of its earlier all-time excessive, surpassing the $69,000 mark. This milestone comes as Bitcoin continues its outstanding ascent after spot Bitcoin Alternate Traded Funds (ETFs) have been permitted by the U.S. Securities and Alternate Fee, resulting in a constant massive inflow of capital into BTC.
OFFICIAL: #BITCOIN REACHED A NEW ALL TIME HIGH ABOVE $69,000 pic.twitter.com/DccMr0Gnc5
— Bitcoin Journal (@BitcoinMagazine) March 5, 2024
The Bitcoin market witnessed a flurry of exercise as BTC surged to its new peak as BlackRock’s spot Bitcoin ETF did over $1 billion in buying and selling quantity for the sixth consecutive day yesterday. Bitcoin’s earlier all time excessive of $69,010 occurred nearly three years in the past on November 10, 2021, 846 days in the past.Â
For the month of February, Bitcoin had the most important inexperienced month-to-month candle in its historical past, rising nearly $20,000 that month alone. To place into context how bullish that month was worth sensible, the bear market backside for bitcoin was ~$16,000, that means bitcoin pumped nearly $4,000 greater than that alone in February.
JUST IN: #Bitcoin had its largest month-to-month inexperienced candle EVER in February 🤯🚀 pic.twitter.com/BsaCIXGTJx
— Bitcoin Journal (@BitcoinMagazine) March 1, 2024
Bitcoin’s meteoric rise has been fueled by quite a lot of components, together with rising institutional adoption, rising curiosity from retail traders, and broader acceptance by conventional monetary establishments. Moreover, ongoing geopolitical tensions and inflationary issues have propelled demand for Bitcoin as a hedge towards financial uncertainty.
US spot Bitcoin ETFs had their second largest day by way of buying and selling quantity yesterday, in response to Bloomberg analyst Eric Balchunas. BlackRock’s ETF was chargeable for $2.4 billion of the $5.5 billion traded yesterday. Final week, spot Bitcoin ETFs purchased over 30,029 BTC, whereas miners solely mined 6,160 new BTC. This large demand and really restricted provide of bitcoin being created daily has been the primary driver inflicting bitcoin’s worth to extend dramatically.
Right here's the weekly abstract (Feb. 24 – March 1, h/t @HODL15Capital). Hold it easy: There may be extra demand than new provide. pic.twitter.com/ighWC0hOOi
— Matt Hougan (@Matt_Hougan) March 2, 2024
