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Bitcoin Soars Above $60K, Hitting Two-Year High
Last Updated: February 28, 2024
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Key Takeaways
- Bitcoin surpasses $60,000, marking its highest value since November 2021.
- Anticipation of the Bitcoin halving event and significant investments into US-based spot Bitcoin ETFs drive the price rally.
- Over 22,000 Bitcoins were added to ETFs in two days, with trading volumes topping $2 billion, reflecting high investor confidence and market momentum.
Bitcoin (BTC) soared past the $60,000 threshold.
The last time Bitcoin saw prices this high was back in November 2021, before it experienced a drop to $19,297 by early April 2022.
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This surge is part of a broader trend that has seen the cryptocurrency gain 13% over the past week and 37% over the month.
The recent price rally is largely tied to expectations around the upcoming Bitcoin halving event, which typically leads to a spike in buying activity as supply tightens.
The rally was also fueled by capital inflows into US-based spot Bitcoin ETFs.
Remarkably, these funds added over 10,000 Bitcoin on Monday and 12,000 on Tuesday. As highlighted by Bloomberg's analyst, Eric Balchunas, the combined trading volumes of the nine spot Bitcoin ETFs exceeded $2 billion.
This reflects a strong upward trend fueled by market anticipation and notable investment inflows, marking a significant moment in the crypto sector.
In other BTC-related news, Michael Saylor's MicroStrategy expanded its Bitcoin portfolio by purchasing 3,000 more of the digital currency.
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