Bitcoin ETF

Bitcoin

ETF COIN

In the last four weeks, Bitcoin’s (BTC) price has rallied significantly, <a href="https://thecoinrise.com/bitcoin-btc-achieves-72k-ath-sparking-interest-from-ethereum-eth-pushd-pushd-e-commerce-enthusiasts/" rel="noopener noreferrer nofollow">rising to as far as $72,000</a>. Within one week, the leading digital asset by market capitalization registered more than 7%. Cumulatively, the price of Bitcoin has surged by over 150% compared to this period last year. The positive momentum coupled with some metrics, led several market analysts to predict a higher market value for BTC in the coming months.
<h2 id="b-bitcoin-rally-attributed-to-spot-bitcoin-etf-inflows-b-span-style-font-weight-400-span">Bitcoin Rally Attributed to Spot Bitcoin ETF Inflows&nbsp;</h2>
Kris Marszalek, the CEO of Crypto.com attributed the <a href="https://thecoinrise.com/record-bitcoin-etf-inflows-propel-btc-to-new-ath-of-73637-47/" rel="noopener noreferrer nofollow">Bitcoin price rally to the huge inflows</a> going into spot Bitcoin ETFs that were <a href="https://thecoinrise.com/us-sec-grants-official-approval-for-a-spot-bitcoin-etf/" rel="noopener noreferrer nofollow">approved</a> by the United States Securities and Exchange Commission (SEC) in January. “This is a very successful product,” the Crypto.com CEO said. “There is a problem of supply, so it has to be reflected in the price.”
The <a href="https://thecoinrise.com/spot-bitcoin-etfs-over-100000-btc-accumulated-in-seven-days/" rel="noopener noreferrer nofollow">inflows registered by the spot Bitcoin ETF market</a> truly underscore Marszalek’s speculation. Many of the newly launched <a href="https://thecoinrise.com/spot-bitcoin-etfs-hit-10b-in-aum-details/" rel="noopener noreferrer nofollow">Bitcoin ETFs are doing so well</a> that they recently outperformed gold ETFs.
<h2 id="b-bitcoin-price-plummet-to-67k-b">Bitcoin Price Plummet to $67K</h2>
The new turn of events is that the Bitcoin price has sunk to around $65,000. CoinMarketCap data precisely shows that at press time, <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">BTC was trading at $67,946.74</a> with a 0.65% plunge in the last 24 hours. While other crypto enthusiasts are concerned about the significant drop in value, Marszalek believes that the current price correction is “healthy.”
He strongly <a href="https://www.youtube.com/watch?v=u3KArEgmqFw" rel="noopener noreferrer nofollow">believes</a> that the market is having a recurrence of the December 2020 or January 2021 stage of the last cycle. The crypto boss described the current correction as a healthy move that eliminates a percentage of the leverage built on the system and prevents aggressive price spikes.
<h2 id="b-bitcoin-is-a-long-term-investment-b">Bitcoin is a Long-term Investment&nbsp;</h2>
In Marszalek’s opinion, Bitcoin should be held for decades as a long-term investment, “not days or weeks.”&nbsp;
Therefore, the price correction is a way to encourage steady capital flows into BTC and even the entire crypto industry. If it happens as expected, there is a possibility that it would “allow us to have a run of about 12 to 18 months,” Marszalek predicted.&nbsp;
This proposed approach is gradual and promotes sustainability to a large extent.
The post <a href="https://thecoinrise.com/crypto-com-ceo-says-bitcoin-price-correction-is-healthy/" rel="noopener noreferrer nofollow">Crypto.com CEO Says Bitcoin Price Correction is Healthy</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Crypto.com CEO Says Bitcoin Price Correction is Healthy

Table of Contents

TheCoinrise Media

Other articles published on Mar 17, 2024

Why NFTFN Holds the Key to Investment Success in 2024

Cetera Financial Group Embraces Bitcoin: Approves Four Spot Bitcoin ETFs for Brokerage Accounts

Bitcoin Miner Revenue Reaches All-Time Highs

China’s crypto investors triumph despite restrictions, net about $1.2b

Meme Coin Whale Started to Take Profit from FLOKI

How To Buy Bitcoin On eToro App? A Complete Beginners Guide

Join our free newsletter for daily crypto updates!