Bitcoin ETF

Bitcoin

The price of Bitcoin crossed the $60,000 mark for the first time since Nov. 21, 2021. 
According to <a href="https://crypto.news/tag/CoinMarketCap/" target="_blank" rel="noreferrer noopener">CoinMarketCap</a> data, Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) is trading at $60,250 at the time of writing. For a moment, the price rose to around $60,500. Bitcoin increased by about 6% in a day and by more than 18% in a week. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="591" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-28-at-17.00.27-1024x591.png" alt="Bitcoin hits $60k for first time since November 2021 - 27" class="wp-image-14253358">
 <figcaption class="wp-element-caption">
 Source: CoinMarketCap
 </figcaption>
</figure> 
Against the background of the growth of the Bitcoin rate, the asset dominance indicator increased to 54.4%, and the volume of liquidations on futures contracts in the crypto-asset market rose to more than $342 million in 24 hours. About $210 million in losses occurred in short positions, while traders liquidated $133 million in long positions. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="529" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-28-at-17.03.13-1024x529.png" alt="Bitcoin hits $60k for first time since November 2021 - 28" class="wp-image-14253359">
 <figcaption class="wp-element-caption">
 Source: Coinglass
 </figcaption>
</figure> 
BTC’s price has been increasing steadily since September 2023. The upward movement stalled in December, but it began gaining momentum again this month. The drivers of the rapid growth of the Bitcoin price were the upcoming&nbsp;<a href="https://crypto.news/tag/bitcoin-halving/" target="_blank" rel="noreferrer noopener">halving</a>&nbsp;in the spring of 2024, as well as a significant influx of capital into spot Bitcoin&nbsp;<a href="https://crypto.news/tag/etf/" target="_blank" rel="noreferrer noopener">ETFs</a>. 
Glassnode analysts&nbsp;<a target="_blank" href="https://crypto.news/short-term-holders-are-flooding-crypto-exchanges-glassnode-says/" rel="noreferrer noopener">point out</a>&nbsp;that a speculative frenzy against the backdrop of the bullish trend in BTC grips the Bitcoin market. Fresh capital flows, general exchange activity, leverage in crypto derivatives, and institutional demand indicate this. 
QCP Capital analysts also <a href="https://crypto.news/qcp-capital-explains-when-to-expect-bitcoins-all-time-high/" target="_blank" rel="noreferrer noopener">indicated</a>&nbsp;that BTC reaching $60,000 is a natural target for the March expiry. 
 You might also like: <a href="https://crypto.news/bitcoin-etf-approvals-spark-mass-btc-adoption-experts-say/"> Bitcoin ETF approvals spark mass BTC adoption, experts say </a>

Bitcoin hits $60k for first time since November 2021

crypto.news

Other articles published on Feb 28, 2024

Bitcoiner wants to plant the orange flag on top of Everest

Unlocking Potential of AI in Oil and Gas Exploration

As Bitcoin Price Nears Record High, Coinbase is Having Problems with Service Access: Company Rele...

Kraken Unleashes Institutional Service To Outcompete Coinbase

Two Wallets Score Big with Popular Meme Coin Pepe

Ankr Unveils Advanced RaaS Capabilities for Modular Blockchain Era

Join our free newsletter for daily crypto updates!