2024

Bitcoin ETF

Bitcoin

<p>Bitcoin continues its meteoric rise, exceeding $65,000 and now approaching its all-time high. This remarkable performance comes just weeks before the highly anticipated “Halving” event.</p>
<h2 id="h-bitcoin-crosses-the-65-000-mark">Bitcoin crosses the $65,000 mark</h2>
<p>The <a href="https://www.cointribune.com/en/the-bitcoin-frenzy-will-continue-until-2034-according-to-michael-saylor/" target="_blank" rel="noopener noreferrer nofollow">queen of cryptos</a> has just passed a symbolic threshold by establishing a new annual record at $65,000, a level not seen since November 2021 when it reached its historic peak of nearly $69,000. Driven by a massive resurgence of interest from institutional investors, Bitcoin now seems unstoppable in its race towards new highs.</p>
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<p>During European trading sessions, the leading cryptocurrency evolved to less than 8% below its absolute record level of $69,000 set in November 2021. A remarkable performance that comes just weeks before the much-awaited “Halving” event, the planned halving of rewards allocated to miners.</p>
<p>This remarkable performance, recorded during the European trading sessions, places the queen crypto less than 8% away from its all-time high in November 2021. A remarkable performance that comes just weeks before the highly anticipated “Halving.”</p>
<p>Starting the year 2024 at around $44,000, Bitcoin has climbed nearly 44% since, thus offering substantial gains to its long-term holders.</p>
<p>However, this meteoric ascent has not been without turbulence, marked by a violent correction that had seen it plummet to $38,500 in the wake of the <a href="https://www.cointribune.com/en/bitcoin-etf-sec-considers-option-approval/" target="_blank" rel="noopener noreferrer nofollow">Spot Bitcoin ETF</a> approval, which then unsettled a portion of the markets.</p>
<p>After this transient setback, Bitcoin rapidly regained its luster, reaching $64,000 last week, before fluctuating for a few days around $60,000. It was finally on the night of March 4th that the symbolic $65,000 threshold was definitively crossed.</p> 
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<h2 id="h-record-liquidations-and-the-shadow-of-the-halving">Record Liquidations and the Shadow of the Halving</h2>
<p>While this surge delights investors, it does not come without impact on the market. According to <a href="https://cryptoslate.com/insights/bitcoin-passes-65000-as-liquidations-surge-and-halving-approaches/" target="_blank" rel="noopener noreferrer nofollow">Coinglass data</a>, no less than $230 million in positions have been liquidated in the last 24 hours, with $70 million on Bitcoin alone, the majority being short positions.</p>
<p>More importantly, this bullish rally occurs just weeks before the much-anticipated “Halving” event which, by halving mining rewards, could significantly impact Bitcoin’s supply on the markets.</p>
<p>Historically, while each “Halving” has been associated with subsequent major price increases, a <a href="https://www.cointribune.com/en/?p=673947" target="_blank" rel="noopener noreferrer nofollow">price downturn</a> has consistently preceded such events, thus setting the stage for a future bullish rally. However, this is not the case this time, casting uncertainty over the sustainability of the current frenzied appreciation.</p>
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<p>Nonetheless, with BTC now trading less than 8% below its historic all-time high, massive demands for Bitcoin ETFs and the powerful catalyst of the upcoming “<a href="https://www.cointribune.com/en/bitcoin-the-halving-is-coming-sooner-than-expected-the-countdown-is-speeding-up/" target="_blank" rel="noopener noreferrer nofollow">Halving</a>“, the year 2024 could well mark a new historical milestone in the meteoric ascent of the queen of cryptos.</p>

Bitcoin surpasses $65,000, the Halving effect is looming!

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