In a momentous surge, Bitcoin has formally smashed by way of its earlier all-time excessive, surpassing the $69,000 mark. This milestone comes as Bitcoin continues its outstanding ascent after spot Bitcoin Change Traded Funds (ETFs) have been accepted by the U.S. Securities and Change 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 virtually three years in the past on November 10, 2021, 846 days in the past.
For the month of February, Bitcoin had the most important inexperienced month-to-month candle in its historical past, rising virtually $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, which means bitcoin pumped virtually $4,000 greater than that alone in February.
JUST IN: #Bitcoin had its greatest 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 growing institutional adoption, rising curiosity from retail traders, and broader acceptance by conventional monetary establishments. Moreover, ongoing geopolitical tensions and inflationary considerations have propelled demand for Bitcoin as a hedge in opposition to financial uncertainty.
US spot Bitcoin ETFs had their second greatest day when it comes to buying and selling quantity yesterday, based on Bloomberg analyst Eric Balchunas. BlackRock’s ETF was answerable 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 on daily basis 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
