2024

United

Bitcoin ETF

Bitcoin

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>), the world’s first cryptocurrency, rose 3.79% in the 24 hours leading up to 8:20 am UTC to trade at $58,504, for the first time in two years and three months.
Bitcoin&nbsp;is up over 13.5% on the weekly chart and over 38% on the monthly chart, according to CoinMarketCap <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">data</a>.
Bitcoin’s price rally comes two days after the announcement that Michael Saylor’s MicroStrategy had <a href="https://cointelegraph.com/news/microstrategy-adds-3k-btc-etfs-surpass-gold">acquired an additional 3,000 BTC</a>&nbsp;for a total of $155 million at an average price of $51,813 between Feb. 15 and 25. With a total of 193,000 BTC acquired for $6.09 billion at an average price of $31,544, MicroStrategy is the world’s largest Bitcoin holder among publicly traded companies.
<blockquote class="twitter-tweet">
 MicroStrategy has acquired an additional 3,000 BTC for ~$155 million at an average price of $51,813 per <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a>. As of 2/25/24, <a href="https://twitter.com/MicroStrategy?ref_src=twsrc%5Etfw">@MicroStrategy</a> now hodls 193,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> acquired for ~$6.09 billion at an average price of $31,544 per bitcoin. <a href="https://twitter.com/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSTR</a> <a href="https://t.co/micudbYf3P">https://t.co/micudbYf3P</a>— Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1762101030336999899?ref_src=twsrc%5Etfw">February 26, 2024</a>
</blockquote> 
According to Mikkel Morch, founder of the digital asset investment fund ARK36, MicroStrategy’s recent purchase is the institutional endorsement mainly fueling this rally. Morch wrote in a research note shared with Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “This rally is not just numbers on a chart; it’s a declaration of the confidence among institutional investors in the transformative potential of cryptocurrencies… Moreover, the green light for Bitcoin-owning ETFs in the United States has injected a fresh wave of optimism, propelling trading volumes and spotlighting crypto-linked firms amidst a broader market fraught with apprehension.”
</blockquote>
The total crypto market capitalization increased by 2.85% in the past 24 hours to $2.19 trillion. The industry <a href="https://cointelegraph.com/news/crypto-recaptures-2-trillion-market-cap-bitcoin-climbs-above-57000">recaptured the $2-trillion</a> market capitalization on Feb. 27, as Bitcoin breached $57,000, bolstered by a combination of Bitcoin exchange-traded fund (ETF) inflows and improving crypto investor sentiment.
According to Morch, we could see a new all-time high for both Bitcoin and Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) in the next couple of weeks, driven by the anticipation of the upcoming Bitcoin halving and the potential acceptance of a United States spot Ether ETF. He wrote:
<blockquote data-ct-non-breakable="true">
 “The anticipation swirling around the approval of spot Ether ETFs further underscores the maturation of the cryptocurrency market. It recognition of Ethereum’s role not just as a digital currency, but as an infrastructure backbone for a future where finance and technology merge more seamlessly.”
</blockquote>
The nine spot <a href="https://cointelegraph.com/news/nine-spot-bitcoin-etfs-see-2b-volume-two-days-straight">Bitcoin ETFs recorded</a> combined trading volumes of over $2 billion for the second consecutive day on Feb. 28.
Related: <a href="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment">Bitcoin ETFs account for about 75% of new investments — CryptoQuant</a>

Bitcoin approaches $60,000 after 3.7% daily gain

Cointelegraph

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