Strong

Bitcoin

Impact

Spot

BlackRock

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoins-environmental-impact-sparks-debate-as-water-footprint-grows/" data-wpel-link="internal">Bitcoin’s Environmental Impact Sparks Debate as Water Footprint Grows</a><br></p>
<p style="text-align: justify"><strong><a href="https://coin-turk.com/bitcoin-madenciliginin-cevresel-etkileri-tartisma-konusu-bitcoinin-su-ayak-izi" data-wpel-link="internal">Bitcoin</a> (<a href="https://coin-turk.com/bitcoine-neler-oluyor-fiyat-6-000-dolar-uzerini-gordu" data-wpel-link="internal">BTC</a>)</strong> price today reached up to $64,000, suggesting that the current uptrend is pushing prices higher. The current rise in prices occurred due to strong fund inflows into <a href="https://en.coin-turk.com/historic-high-in-cmes-bitcoin-futures-open-interest/" data-wpel-link="internal">Bitcoin</a> ETFs. However, historical data may indicate that there are very few examples of Bitcoin exceeding the $64,000 value.</p> 
<h2 id="glassnode-s-btc-report">Glassnode’s BTC Report</h2> 
<p style="text-align: justify">According to data released by Glassnode, Bitcoin’s daily closing price has stayed above the $61,000 level on only 31 of the 4973 trading days. While the Bitcoin spot price is still rapidly advancing towards all-time highs (ATHs), the probability of it remaining above this level is still considered low. The data also suggests that after a steep bull run, the OG-cryptocurrency prices historically tend to show a downward trend. Spot Bitcoin ETFs are having a good week up to their current position.</p> 
<p style="text-align: justify">On Monday, they saw an inflow of $520 million, and on Tuesday, Glassnode reported another significant inflow of $577 million. This flow came after a $520 million inflow into the BlackRock iShares Bitcoin ETF, which helped push the Bitcoin price to $60,000. According to data obtained from BitMEX Research, spot Bitcoin exchange-traded funds (ETFs) saw a net inflow of $577 million (or 10,167.5 <a href="https://en.coin-turk.com/bitcoin-whales-wake-up-after-6-years-6500-bitcoins-transferred/" data-wpel-link="internal">BTC</a>) on February 27th. With massive trading volumes recorded by all nine spot Bitcoin ETFs, this was the highest inflow since the year 2017.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-320933 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/btc-12.jpg" alt="" width="1321" height="627"></p> 
<h2 id="the-64-000-level-in-btc">The $64,000 Level in BTC</h2> 
<p style="text-align: justify">However, on Tuesday, the outflow from Grayscale’s GBTC increased again, dropping to $22.4 million from the previous day. The price of BTC rose to $64,000, which is only a fraction of the $68.6 thousand peak set 27 months ago. $56,329 was the lowest level in 24 hours, and $64,000 was the highest. At the time of writing, the leading cryptocurrency is trading around the $64,000 level, with an approximate 10% increase over the last 24 hours.</p> 
<p style="text-align: justify">However, investors are now wondering how the trajectory of BTC will develop due to a lack of data supporting the sustainability of this bull run. Following the recent rise in BTC prices, Daniel Yan, founding partner of cryptocurrency services company Matrixport, also hinted at a possible correction of around 15% by the end of April. Nevertheless, with the increasing inflows day by day, the growth of the Bitcoin ETF could likely continue to pressure the prices of the OG-cryptocurrency.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoins-environmental-impact-sparks-debate-as-water-footprint-grows/" data-wpel-link="internal">Bitcoin’s Environmental Impact Sparks Debate as Water Footprint Grows</a></h5>

Bitcoin’s Environmental Impact Sparks Debate as Water Footprint Grows

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