bitcoin price

Bitcoin price sets a new high; since opinion of tech giants…

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Bitcoin price is hovering around $64,000, a level not seen in 27 months. Let’s delve into the factors driving this surge and explore the future outlook for cryptocurrencies.

bitcoin price

Bitcoin price has experienced a remarkable surge, exceeding 50 percent in the initial two months of 2024 alone. Moreover, its February performance alone has seen an impressive increase of about 45 percent.

BITCOIN PRICE :-The crypto market rally persisted as Bitcoin experienced another surge on Thursday, nearing the $64,000 mark for the first time in approximately 27 months. This surge propelled the largest crypto token, in terms of market capitalization, up by about 11 percent, with its total valuation reaching $1.24 trillion.

The surge in Bitcoin price is largely credited to several factors, including the highly anticipated Bitcoin halving, the approval of Bitcoin exchange-traded funds (ETFs) attracting institutional investments, and rumors surrounding the interest of Amazon’s Jeff Bezos in the digital asset class.

In the past 24 hours, Bitcoin price experienced a significant surge, approaching the $64,000 mark. This rise is linked to the ten Bitcoin ETFs in the US, which achieved a new daily record with a trading volume surpassing $7.7 billion, according to Edul Patel, CEO at Mudrex. Particularly noteworthy is BlackRock’s Bitcoin ETF, which traded $3.3 billion on Wednesday, doubling its previous volume record, indicating the increasing demand for Bitcoin, he stated.

Over the past 24 hours, Bitcoin spot ETFs witnessed remarkable trading volumes, totaling $7.5 billion, which doubled the previous record, coinciding with BTC reaching an all-time high in the Indian markets. According to CoinSwitch Markets Desk’s morning note, Bitcoin has surged by over 44 percent in February, marking its highest monthly increase since December 2020.
Data from Coinmarketcap reveals that the global crypto market cap surged over 8 percent to reach $2.33 trillion. In the past 24 hours, the total crypto market volume soared to $198.71 billion, marking a significant increase of 109.95 percent. Bitcoin’s dominance also rose by more than one percent, reaching 53.27 percent.
All Indian investors who previously invested in Bitcoin are currently in a profitable position, with market sentiment gradually shifting towards the ‘extreme greed’ category. It’s important to highlight that Bitcoin has never surpassed all-time highs during the halving event. The $69,000 all-time high is expected to serve as a significant resistance level, cautioning investors.

Bitcoin has surged amid rumors of interest from Jeff Bezos in the digital asset class, with speculation suggesting he may have invested billions of dollars in Bitcoin. However, there has been no official confirmation from Bezos himself or his e-commerce giant Amazon.

In the midst of an impressive uptrend in the overall crypto market, Bitcoin is surging and approaching its previous record high reached in November 2021. This surge is driven by historical patterns observed before halving events, substantial inflows into BTC spot ETFs, and endorsement from major institutions, according to Siddhartha Gupta, Senior Vice President of Business and Strategic Alliances at CoinDCX.
Speculations about Jeff Bezos potentially investing $8 billion in Bitcoin have further intensified the excitement,” he noted. “While some within the crypto community view these rumors skeptically, the mere notion of Bezos venturing into the crypto realm has ignited enthusiasm. Despite the lack of solid evidence or an official statement from Bezos or Amazon verifying these claims, the speculation continues.”
Market experts attribute the optimism in the crypto space to the potential of the US Federal Reserve reducing interest rates this year due to easing inflationary pressures, which enhances the attractiveness of Bitcoin’s future prospects. They believe that the current rally is primarily fueled by institutional players, with relatively less involvement from retail investors.
This indicates that Bitcoin could potentially exceed its previous highs as we move into March. With the countdown to the next halving event in mid-April, anticipation is growing, paving the way for Bitcoin to explore uncharted territory.
Even though there are signs pointing to a potential strengthening of the dollar index, Rajagopal Menon, VP at WazirX, highlighted that the technical indicators for BTC/USD indicate a positive outlook. He also mentioned that the overall enhancement in liquidity is encouraging investors to actively participate in the crypto market.

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