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Key Reason Why Bitcoin (BTC) Just Soared Above $60,000

source-logo  u.today 28 February 2024 14:09, UTC

Bitcoin has once again captured headlines by soaring past the $60,000 mark. Its current trading price stands at $60,405, according to the latest CoinGecko data.

The cryptocurrency has now reached new all-time highs in over 30 countries, including Australia.

The key catalyst

A key factor behind the recent surge in Bitcoin's price is the increasing excitement surrounding Bitcoin exchange-traded funds.

Recent data shared by Jim Bianco of Bianco Research points to a remarkable trend: all 10 spot Bitcoin ETFs registered 241,000 trades, surpassing the trading volume of major ETFs like the SPDR S&P 500 ETF (SPY) and the Invesco QQQ ETF(QQQ) for the second consecutive day.

This spike in activity shows the growing interest and investment in Bitcoin ETFs, which collectively hold $44 billion in assets.

The extremely impressive data proves that Bitcoin ETFs are becoming a pivotal player in the market.

BlackRock's iShares Bitcoin ETF (IBIT) recently recorded its largest daily inflow of $520 million.

$100,000 by the next halving?

According to Blockstream CEO Adam Back, the Bitcoin price could reach $100,000 by the next halving event, just 51 days away.

He has cited factors such as the liquidation of leveraged shorts, the shift in investor sentiment, and the significant buying pressure from ETFs contributing to a potential rapid increase in Bitcoin's value.

However, as with any investment, caution and due diligence are advised, given the inherent volatility associated with the leading cryptocurrency.