Galaxy

Bitcoin

Spot

Defiance

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-surges-to-record-highs-in-february/" data-wpel-link="internal">Bitcoin Surges to Record Highs in February</a> 
The month of February officially became a month of joy for <a href="https://coin-turk.com/bitcoin-btc-icin-uyarilar-geliyor-analistler-yakinda-yasanacaklari-acikladi" data-wpel-link="internal">Bitcoin</a> (<a href="https://coin-turk.com/son-dakika-sec-bitcoin-etf-onayini-verdi-abdde-kripto-paralar-icin-ilk-olacak" data-wpel-link="internal">BTC</a>) investors as the largest cryptocurrency rose to impressive levels, reaching the highest point in recent years at $64,000. <a href="https://en.coin-turk.com/probability-of-approval-for-a-spot-bitcoin-etf-rises-to-90/" data-wpel-link="internal">Bitcoin</a> closed the month at $62,216, marking a 45% increase over the monthly period. Thus, it demonstrated its strongest performance since December 2020. 
<h2 style="text-align: justify" id="strong-key-catalysts-spot-etfs-and-bitcoin-halving-strong">Key Catalysts: Spot ETFs and Bitcoin Halving</h2> 
According to recent data, Bitcoin exchange-traded funds (ETFs) achieved a notable success in February with a daily net entry record of $677 million. There were net entries exceeding $2 billion in various spot Bitcoin ETFs, and this is attributed to the need for additional <a href="https://en.coin-turk.com/low-volatility-in-the-cryptocurrency-market-bitcoins-volatility-drops-to-record-lows/" data-wpel-link="internal">BTC</a> supply to support the creation of spot ETFs. Analysts point to Bitcoin’s supply and demand dynamics as a significant factor behind the notable gains in February. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-321520" src="https://coin-turk.com/wp-content/uploads/2024/03/Bitcoin-BTC-Mart.jpeg" alt="" width="1280" height="720"> 
Defiance ETFs CEO and Chief <a href="https://en.coin-turk.com/fnality-raises-nearly-100-million-in-funding-led-by-goldman-sachs-and-bnp-paribas/" data-wpel-link="internal">Investment</a> Officer Sylvia Jablonski pointed to the launch of new spot ETFs and the upcoming Bitcoin block reward halving as catalysts for the price increase of Bitcoin. 
According to data provided by CoinGlass, February has historically been a month where Bitcoin records strong performance. Over the last 12 years, Bitcoin ended February with gains in 10 of those years, providing an average return of 15.7% to its investors within the month. 
<h2 style="text-align: justify" id="strong-warnings-from-wall-street-veteran-novogratz-strong">Warnings from Wall Street Veteran Novogratz</h2> 
Wall Street veteran and Galaxy Digital CEO Michael Novogratz warned that Bitcoin could experience corrections before reaching new record highs and advised caution. 
Novogratz anticipates potential corrections down to the $50,000 level before a resurgence. He also warned about excessive leverage in the market and emphasized that the ongoing rally following the launch of spot Bitcoin ETFs is in a “price discovery” phase. 
The CEO of Galaxy Digital added that while some investors may profit from the rally, others, particularly those from Generations Y and Z seeking high returns, could face significant losses. Novogratz underscored the need for caution given the current levels of leverage in the market. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-surges-to-record-highs-in-february/" data-wpel-link="internal">Bitcoin Surges to Record Highs in February</a></h5>

Bitcoin Surges to Record Highs in February

Table of Contents

COINTURK NEWS

Other articles published on Mar 1, 2024

Analyst Tips Ripple (XRP) To Hit $0.65, KangaMoon (KANG) Buyers Up 50%, Hedera (HBAR) Liaises Wit...

New Development in SEC-Kraken Case! State Prosecutors Found the SEC Unfair!

Whale Transactions Stir Dogecoin Market Speculations

Qtum Development Roadmap Update Feb 28th, 2024

Bitcoin ETFs Set For “Even Bigger Wave” Of Institutional Money, Bitwise Says

BlackRock Bitcoin ETF’s $600 Mln Inflow Outpaces Massive GBTC Outflow

Join our free newsletter for daily crypto updates!