Bitcoin continues to explode and is approaching $64,000, is a new historic record imminent?
Bitcoin continues to explode and approaches $64,000, is a new historic record imminent?
| Author David Wagner
Published on 29/02/2024 at 04:29
Bitcoin recorded its third straight day of strong gains on Wednesday, approaching the $64,000 threshold with a peak at $63,915, the highest level since November 2021, and not far from the all-time record of $68,900.
However, the BTC/USD pair has pared its gains since yesterday's peak, reaching $61,500 on Thursday morning, up nearly 8% over 24 hours and about 20% over a week.
At the origin of this new wave of increase, we still find the same bullish factors as during the previous rallies in recent weeks, with continued massive flows of money into spot Bitcoin ETFs.
BlackRock's (NYSE:BLK) Bitcoin exchange-traded fund (IBIT) broke its volume record for the third straight day yesterday, with nearly $3.3 billion worth of shares changing hands during the day, according to Nasdaq data, double the amount on record. Tuesday. High ($1.35 billion), which in itself broke the record set on Monday ($1.3 billion)
The ten BTC ETFs recorded a total trading volume of $7.7 billion, breaking the previous record of $4.7 billion set on the first day of trading on January 11.
Eric Balchunas, an ETF specialist at Bloomberg, called these numbers “ridiculous,” speaking of “insanity” in a post on X.
