coinjournal.net
- Bitcoin hits $54,900 for first time since 2021 as BlackRock’s IBIT trades $1 billion shares.
- $BTC price is rising amid analyst predictions for a halving explosion.
Bitcoin is eyeing a pre-halving breakout as its price jumped above $54,900 for the first time since November 2021.
On crypto exchange Coinbase, Bitcoin price reached highs of $54,980. The more than 6% gains pushed the benchmark cryptocurrency’s market cap to over $1.06 trillion.
$BTC breaks above $54k as IBIT trades $1 billion ETF shares
In the ETF market, BlackRock’s iShares Bitcoin Trust ($IBIT) traded over $1 billion and analysts are saying the momentum is set to fuel further gains for $BTC price. Bloomberg ETF analyst shared that the performance ranked $IBIT 11th amongst all ETFs.
“MILESTONE $IBIT has traded $1b worth of shares today so far.. which ranks it 11th among all ETFs (Top 0.3%) and Top 25 among stocks. Insane number for newbie ETF (esp one w ten competitors). $1b/day is big boy level volume, enough for (even big) institutional consideration,” Balchunas posted on X.
According to entrepreneur and investor Anthony Pompliano, “Bitcoin is a runaway train with no brakes for as long as ETF inflows dwarf the bitcoin produced by the network.”
Bitcoin is a runaway train with no brakes for as long as ETF inflows dwarf the bitcoin produced by the network.
The game has changed.
Keep your head on a swivel out there.
— Pomp 🌪 (@APompliano) February 26, 2024
With the Bitcoin halving coming up, this number of $BTC mined will be halved, creating a supply shock that could catapult $BTC price to prices very few imagined a few years back.
With the countdown to Bitcoin halving roughly 52 days out, the breakout performance for $BTC on Monday has the market buzzing.
Earlier in the day, Bitcoin price broke above $53k as MicroStrategy announced it had acquired an additional 3,000 $BTC. Purchased for $155 million, the fresh buy saw the company’s Bitcoin portfolio hit 193,000 $BTC.
Michael Saylor revealed that the company bought bitcoin at the average price of $51,813.
Bitcoin traded around $54,331 at 3.30 pm ET on Monday. The benchmark crypto could break above $55,000 to eye $60,000 before the halving.