时间：2024-03-06|浏览：193
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Bitcoin surged to record levels for the first time in more than two years on Tuesday night, however it did not stay at new all-time highs for long as many traders appeared to take the opportunity to take profits.
The price of Bitcoin subsequently experienced a huge shock. One minute after it hit a new high of about US$69,300, it continued to plummet, with the lowest falling below the US$60,000 mark. It fell more than US$9,300 from the record high, falling more than 10% within the day, and then quickly rebounded to Above $63,000, the number of liquidated positions across the entire network rose to 300,000 during this period.
"Given that almost everyone who has ever bought Bitcoin has now made a profit, there is a good chance that we will see some profit taking." Zaheer Ebtikar, founder of crypto fund Split Capital ) said.
Bitcoin has experienced a stunning rally this year on strong demand for new U.S. ETFs and an impending slowdown in the token’s supply growth. At Tuesday's high, Bitcoin was up about 63% so far in 2024, outperforming global stocks and spreading optimism across the digital asset market.
Ironically, Bitcoin’s resurgence is largely due to a regulator long seen as hostile to cryptocurrencies: the U.S. Securities and Exchange Commission (SEC). Last year, the SEC tried to block a Bitcoin spot ETF but suffered a legal defeat. In early January this year, the SEC approved a Bitcoin spot ETF. The move expanded Bitcoin's mass-market accessibility and helped the cryptocurrency industry turn a new page, emerging from the 2022 bear market and a series of subsequent bankruptcies, including the collapse of Sam Bankman-Fried's FTX exchange .
A steady stream of money is pouring into spot ETFs issued by heavyweight investment firms such as BlackRock Inc. and Fidelity Investments. With nearly $8 billion in net inflows in less than two months, coupled with an impending reduction in Bitcoin supply growth (the halving event), Bitcoin bullish sentiment has become high.
Surge in demand for Bitcoin spot ETF drives Bitcoin price higher
Stefan von Haenisch, head of trading at OSL SG Pte, said: “With the current momentum of spot ETFs and the upcoming halving event, (Bitcoin price) breaking out of the all-time high may awaken real FOMO (missing out on the market) among participants currently watching the market from the sidelines. fear)."
Bitcoin’s rebound from early 2023 has boosted the digital asset’s total market value to approximately $2.6 trillion. Its recovery from its November 2022 lows marked a bust-to-boom cycle that irreversibly changed the industry it spawned.
According to data compiled by Bloomberg, Bitcoin reached its previous peak of $68,991.85 on November 10, 2021, driven by monetary and fiscal stimulus measures taken by governments around the world to combat the impact of COVID-19. Some hailed it at the time as cryptocurrency’s ultimate coming-of-age moment, but it turned out to be just the beginning of a brutal reckoning. Shortly after hitting its 2021 highs, Bitcoin, along with the broader crypto market, began a steep decline as central banks turned hawkish to combat runaway inflation. By the end of 2021, Bitcoin’s price had fallen by nearly a third from its peak.
The bear market exposed widespread fraud and reckless risk-taking by many of the major cryptocurrency players, exemplified by the implosion of stablecoin TerraUSD and the collapse of Bankman-Fried’s FTX exchange and related companies. Binance, the largest digital asset exchange, and its founder Changpeng Zhao have also come under increasing regulatory scrutiny. Cryptocurrency dominoes fall as prices plummet.
But even as crypto skeptics from JPMorgan Chase CEO Jamie Dimon to Berkshire Hathaway’s Charlie Munger deride Bitcoin as essentially a As a worthless object of speculation, one of the world’s largest financial companies is about to add fuel to Bitcoin’s rally.
On June 15 last year, BlackRock submitted an application to the SEC for the iShares Bitcoin Trust, which would invest directly in the token. While there have been several similar attempts before, with BlackRock's size and clout (it is the largest ETF provider), the move is seen as a new sign that the results this time may be different. There is a difference.
BlackRock's ETF (IBIT) was one of the first such products approved in early January. In less than two months, its assets have swelled to more than $10 billion. Meanwhile, the value of Bitcoin has more than doubled since BlackRock filed.
Nathan McCauley, CEO and co-founder of Anchorage Digital, said: “Bitcoin’s all-time high marks a turning point for cryptocurrencies. Traditional institutions once stood on the sidelines, but today, they serve as major players in the crypto bull market. The drive is on full steam.”
Article forwarded from: Golden Ten Data
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