Ethereum

Bitcoin ETF

Bitcoin

<p>Bitcoin is currenctly battling the $52,000 mark with all its might. After a week that saw the crypto world buzzing from Robinhood and Coinbase’s financial triumphs, along with a $477 million Bitcoin ETF love letter, you’d think Bitcoin would be soaring higher than a kite. But here’s the kicker: despite these wins and a hefty 12% increase in value, Bitcoin’s grasp on $52K is as shaky as a Jenga tower in a toddler’s playroom. This surge, while impressive, brings into question the sustainability of such price levels in the immediate future.<a href="https://blockworks.co/news/bitcoin-closes-week-52k" rel="noopener noreferrer nofollow" target="_blank"> </a></p>
<h2 class="wp-block-heading" id="the-party-and-the-hangover">The Party and the Hangover</h2>
<p>First off, let’s talk about the big bash in Bitcoin town – the ETF influx. Bitcoin ETFs got a fat $1.2 billion boost, setting hearts racing. But as any seasoned party-goer knows, the bigger the bash, the worse the hangover. The CryptoQuant heads have thrown a bucket of ice water on the frenzy, reminding us that Bitcoin’s open interest is sky-high, a level not seen since the glory days of 2021 and 2022. High open interest? Sounds good on paper, but it’s like riding a rollercoaster with a sketchy safety harness – thrilling but potentially disastrous.</p>
<p>Now, onto the soap opera in the trading world: active CME traders are back with a vengeance, their interest ballooning by 48%. While the return of these big spenders to the Bitcoin casino might sound like good news, it’s a double-edged sword. High futures open interest screams confidence but whispers warnings of volatility. In other words, the Bitcoin boat is rocking, and not everyone has their sea legs.</p>
<p>Furthermore, the anticipation around the Bitcoin halving event is reaching a fever pitch, underscoring its potential to catalyze a new price epoch for Bitcoin. Historically, halving events have precipitated significant bull runs, with the upcoming mid-April milestone expected to reduce the block reward from 6.25 BTC to 3.125 BTC. And spot ETFs have witnessed a torrent of inflows, amassing $4.5 billion in a short span, with BlackRock’s IBIT setting records by surpassing 100,000 BTC in assets under management. This institutional endorsement, coupled with the halving’s supply squeeze, forms a potent mix that could propel Bitcoin to new heights, despite the current resistance at the $52,000 threshold.</p>
<h2 class="wp-block-heading" id="a-game-of-thrones-bitcoin-vs-ethereum">A Game of Thrones: Bitcoin vs. Ethereum</h2>
<p>While Bitcoin enjoys its moment in the sun, let’s not forget about Ethereum, lurking in the shadows, biding its time. Bitcoin’s current rally might have the spotlight, but Ether’s story is like a slow-burn TV drama that’s just getting started. And with the Bitcoin halving event on the horizon, the plot is about to thicken. This isn’t just any halving; it’s the fourth season of our favorite show, with twists and turns that could redefine Bitcoin’s journey.</p>
<p>On the equity front, Coinbase is strutting its stuff, flaunting over a 10% rise post-earnings, basking in the glow of its first positive net income since 2021. Meanwhile, Robinhood isn’t far behind, surprising everyone with a crypto revenue of $43 million. These aren’t just numbers; they’re billboard signs pointing towards a broader acceptance and integration of crypto into the mainstream financial landscape.</p>
<p>But here’s the reality check: <a href="https://www.cryptopolitan.com/microstrategy-bitcoin-traced-to-fidelity/" data-type="post" data-id="466742" rel="noopener noreferrer nofollow">Bitcoin’s</a> recent sprint past $52,000 might have everyone popping champagne, but Swissblock analysts are the party poopers, hinting at an “imminent” pullback. It’s not all doom and gloom, though. This potential dip is seen more as a pit stop in a marathon, a chance to catch your breath before the next sprint.</p>

Why Bitcoin can’t be able to maintain $52k right now

Table of Contents

Cryptopolitan_News

Other articles published on Feb 17, 2024

Daily News on $APE, $RUNE, $PYTH and Other Cryptos

Pushd presale attracts Tron and Avalanche holders for early buy-in

Internet Computer Takes the Lead Over Cardano in Developer Engagement

Ethereum Eyes $3,000 Mark: Investors on High Alert!

Top Crypto Gainers Today Feb 17 – Polygon, Celestia, Gnosis, eTukTuk

Analyst Reveals 3 Signs That Will Tell You When Bitcoin Is About to Top

Join our free newsletter for daily crypto updates!