Reserve

Bitcoin

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">Bitcoin’s (<a href="https://tokenist.com/investing/how-to-invest-in-bitcoin/" rel="noopener noreferrer nofollow" class="deco-link">BTC</a>) value skyrocketed to $60,354.58 on Wednesday, reflecting a substantial single-day gain of $3,216.28 (5.63%). This latest surge solidly positions the pioneering cryptocurrency above the psychological $60,000 threshold, bringing it within striking distance of its all-time high.</p>
<p>The previous day’s close was reported at $57,071.10, indicating a <a href="https://tokenist.com/bitcoin-btc-hits-56k-as-halving-hype-and-microstrategy-fuel-market-optimism/" rel="noopener noreferrer nofollow" class="deco-link">remarkable uptick</a> in valuation over a remarkably short period. Bitcoin’s daily trading range spanned from $56,779.22 to $60,438.46, demonstrating continued volatility and intense interest in the booming cryptocurrency marketplace</p>
<h3 id="bitcoin-price-hits-level-not-seen-since-november-2021">Bitcoin Price Hits Level Not Seen Since November 2021</h3>
<p>Experts highlight Bitcoin’s meteoric price appreciation through February, which saw its value balloon by over 40% for the month – the most robust monthly performance in over two years. This parabolic rally, coupled with Bitcoin’s staggering $1.12 trillion <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" aria-label="market capitalization (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">market capitalization</a> and liquidity supplied by its near-19 million circulating supply, underscores a resurgence in broader market confidence.</p>
<p>Hitting $60,131 marked Bitcoin’s highest valuation since briefly approaching $70,000 in November 2021. There has also been an almost 19 percent week-over-week upswing since February 21, as fresh capital inflows into recently launched U.S. spot <a href="https://tokenist.com/bitcoin-spot-etfs-could-see-40-4b-in-inflows-over-first-two-years-report/" rel="noopener noreferrer nofollow" class="deco-link">bitcoin exchange-traded funds</a> (ETFs) and building hype ahead of April’s halving event fueled the sharp uptrend.</p>
<p>Expectations for impending Federal Reserve interest rate cuts have further stoked institutional and retail investor interest.</p>
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<h3 id="trading-volume-skyrockets-for-bitcoin-etfs">Trading volume skyrockets for Bitcoin ETFs</h3>
<p>Trading volumes for top Bitcoin ETFs have skyrocketed accordingly, with the ten biggest spot Bitcoin ETFs registering a record $420 million in inflows on Tuesday alone, marking the highest levels in nearly two weeks. <br><br>Around 70 percent of Bitcoin’s supply has remained static for over a year, while institutional buyers like BlackRock and Fidelity have actively snapped up the balance.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><strong><em>Do you think 2024 could be a <a href="https://tokenist.com/can-2024-be-a-landmark-year-for-bitcoin-btc/" rel="noopener noreferrer nofollow" class="deco-link">landmark year</a> for Bitcoin? Let us know in the comments below.</em></strong></p>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/bitcoin-btc-breaks-above-60k-as-meteoric-rise-signals-market-confidence/">Bitcoin (BTC) Breaks Above $60k as Meteoric Rise Signals Market Confidence</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Bitcoin (BTC) Breaks Above $60k as Meteoric Rise Signals Market Confidence

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