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.

4.7/5

(3 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

What Is Cosmos Atom Information About Atom Token

Altcoin | Editor Choice | News | Research

What is Cosmos ATOM? Information about ATOM Token

What is Cosmos (ATOM)? Learn about the operating mechanism and outstanding features of Cosmos along with detailed information about the tokenomics of ATOM Token!

Important Update About Dogs Airdrop On Telegram

Airdrops | Editor Choice | News

Important Update about Dogs Airdrop on Telegram

DOGS on Telegram has announced important updates about their DOGS token distribution plan and the addition of a new "check-in" feature.

Azcnews Binance Delists Multiple Trading Pairs On Platform

News | Editor Choice | Policy & Regulations

Binance Delists Multiple Trading Pairs on Platform

Binance will delist specific spot trading pairs on July 26, 2024. The AVAX/TUSD, MATIC/TUSD, and VOXEL/BTC pairs will no longer be available for trading.

Altlayer Moves Up Alt Token Unlock Schedule, Mimicking Worldcoin

News | Altcoin | Editor Choice

AltLayer Moves Up ALT Token Unlock Schedule, Mimicking Worldcoin

The AltLayer (ALT) restaking solution has announced that they will move up the token unlock schedule to the present time.

Azcnews Large Inflows Into Ether Etfs On First Day Of Trading

News | Altcoin | Editor Choice

Large Inflows into Ether ETFs on First Day of Trading

Bloomberg ETF analyst Eric Balchunas described the $625 million trading volume, excluding Grayscale's ETHE, as "healthy" and anticipated that a "significant portion" of this amount would translate into inflows.