Bitcoin Hits $60,000 Mark Driven By ETF Inflows

Bitcoin recently rose 6% to $60,850, its highest level since December 2021. Traders poured investment into bitcoin ahead of the Bitcoin Halving 2024

Bitcoin Hit 60000$

The recent surge has been driven by the net inflows trend of Bitcoin spot exchange-traded funds (ETFs), propelling the digital currency nearly 40% higher in February, marking its highest monthly gain since December 2020.

Bitcoin recently rose 6% to $60,850, its highest level since December 2021. Traders poured investment into bitcoin ahead of the Bitcoin Halving 2024 event in April, speculated to potentially push the cryptocurrency to $100,000. Additionally, prospects of the Federal Reserve deploying a series of interest rate cuts this year have prompted investors to seek higher-yielding or more volatile assets.

Btcusd_2024 02 28_20 42 56

Global market strategist Ben Laidler at eToro investment platform stated that Bitcoin is being propelled by stable capital inflows into new Bitcoin spot ETFs and prospects of the Halving 2024 event as well as the Fed’s interest rate cuts in June.

For the first time in two years, the total value of all circulating Bitcoins has reached $2 trillion this month, according to cryptocurrency platform CoinGecko, while the Bitcoin token index has doubled in just four months.

(3 votes)

4.7/5

(3 votes)

Latest

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

News | Altcoin | Bitcoin | Editor Choice

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

The cryptocurrency market has surpassed $4 trillion in market capitalization for the first time, overtaking Microsoft, driven by supportive U.S. policies and a surge in investments from both individuals and institutions.

Xrp Explodes, Whale Moves Spark Bullish Momentum

News | Altcoin | Editor Choice

XRP Explodes, Whale Moves Spark Bullish Momentum

XRP’s open interest has surged by over 18%, accompanied by a spike in derivatives volume and a golden cross in the MVRV ratio, fueling investor expectations of a major upcoming price breakout.

Xrp Reaches New Peak After 7 Years Of Waiting

Altcoin | Editor Choice

XRP Reaches New Peak After 7 Years of Waiting

This morning, Ripple (XRP) officially reached a new peak at $3.60, becoming the third-largest cryptocurrency in the market.

Donald Trump Plans To Allow Pension Funds To Invest In Crypto

Policy & Regulations | Editor Choice

Donald Trump Plans to Allow Pension Funds to Invest in Crypto

U.S. President Donald Trump aims for pension funds in the country to allocate capital into assets such as gold, private securities, and especially cryptocurrencies.

Wintermute Reports No More Eth Available For Sale Via Otc

Altcoin | Editor Choice

Wintermute Reports No More ETH Available for Sale via OTC

Wintermute has reported that the amount of ETH sold through OTC has run out, indicating impressive buying activity from institutions targeting Ethereum.