Strong

Bitcoin

Momentum

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-breaks-70000-barrier-with-strong-market-momentum" rel="noopener noreferrer nofollow">Bitcoin Breaks $70,000 Barrier with Strong Market Momentum</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/expert-michael-van-de-poppe-shares-insights-on-bitcoins-climb-and-ethereums-market-prospects" rel="noopener noreferrer nofollow">Bitcoin</a> recently surpassed the significant threshold of $70,000, indicating a robust upward trend that may foresee successive record highs in the near term. The digital currency now trades around $72,000, showing a 4% increase within a 24-hour period. This surge has been fueled by surging institutional interest in the <a href="https://en.bitcoinhaber.net/the-emergence-and-growth-of-blockchain-gaming" rel="noopener noreferrer nofollow">cryptocurrency</a> realm.</p>
<h2 id="market-data-insights-on-bitcoin-s-surge">Market Data Insights on Bitcoin’s Surge</h2>
<p style="text-align: justify">The cryptocurrency’s momentum is reflected by the performance data from major exchanges. The open interest on the Bitcoin futures at the Chicago Mercantile Exchange (CME) has risen by 3.89% recently, breaching the $10 billion mark. This index is often viewed as a measure for institutional engagement with crypto assets. Currently, CME’s contracts make up over 30% of the total Bitcoin derivatives market, with <a href="https://en.bitcoinhaber.net/strategic-shift-binance-to-divest-majority-stake-in-south-korean-exchange-gopax" rel="noopener noreferrer nofollow">Binance</a> trailing at 22%. The launch of spot exchange-traded funds (ETFs) has also simplified the process for institutional investors to engage with Bitcoin, leading to significant trading volumes.</p>
<h2 id="market-dynamics-and-investor-sentiments">Market Dynamics and Investor Sentiments</h2>
<p style="text-align: justify">The backing for these spot ETFs amounts to nearly $9.59 billion in Bitcoin as of March 8, indicating a robust institutional backing. The escalation in ‘whale’ entities, or holders of large amounts of Bitcoin, aligns with this institutional interest. Organizations holding over 1,000 Bitcoin tokens have seen a 6% increase since the start of the year, contributing to the price rise. Furthermore, data reveals that a majority of whale positions on Binance are long, signaling a widespread anticipation for further appreciation in Bitcoin’s spot price.</p>
<p style="text-align: justify">This upswing in Bitcoin’s value and the noted increase in institutional involvement underscore the growing confidence in the cryptocurrency as a valuable asset. The market indicators and investment behaviors suggest that the digital currency could be on track for more breakthroughs in price and adoption.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-breaks-70000-barrier-with-strong-market-momentum" rel="noopener noreferrer nofollow">Bitcoin Breaks $70,000 Barrier with Strong Market Momentum</a></h5>

Bitcoin Breaks $70,000 Barrier with Strong Market Momentum

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