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On the afternoon of April 8, BTC accelerated to surpass the milestone of 72,000 USD, ETH hit the threshold of 3,600 USD before the approaching Bitcoin Halving.

Volatility of top cryptocurrencies at 05:20 PM April 8, 2024. Source: Coin360

After a series of sideways days below the threshold of 70,000 USD, Bitcoin price on the afternoon of April 8, 2024 accelerated back to the milestone of 72,000 USD.

BTC has at times pumped to nearly 72,600 USD, meaning it is only about 1,000 USD away from its recently established ATH. Currently, the king coin is fluctuating around 71,900 USD, representing an increase of nearly 4% over the past 24 hours.

4h chart of the BTC/USDT pair on Binance at 05:20 PM on April 8, 2024

This is followed by an increase in the entire cryptocurrency market. Ethereum (ETH) skyrocketed to $3,620, the price last seen in early April.

4h chart of the ETH/USDT pair on Binance at 05:20 PM on April 8, 2024

Notably, the current price increase occurred in the afternoon Asia time, a time when the Bitcoin spot ETF trading market in the United States was not yet open.

As you know, capital inflows into ETFs in recent months have been the main growth driver of the market. But this price increase shows that fomo from Asian cash flows cannot be overlooked.

According to observers, market sentiment towards BTC is still extremely positive, with only about 10 days left until Bitcoin Halving takes place. Morgan Creek Capital CEO also predicts BTC will reach $150,000 by the end of this year.

The king coin just ended March at a price of 71,280 USD, up 16.34% during the month. All show that the market's hope continues to rise.

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