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

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

Bitcoin has made headlines again by surpassing the $60,000 mark. Its current trading price is $60,405, according to the latest CoinGecko. data.


Bitcoin has made headlines again by surpassing the $60,000 mark. Its current trading price is $60,405, according to the latest CoinGecko. data.

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

Key catalyst

A key factor behind the recent rise in Bitcoin price is the growing enthusiasm surrounding Bitcoin exchange-traded funds.

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

Bitcoin Sees Huge Rise in Line with S&P 500 Trends, Analyst Says

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

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 at the next halving?

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

He has cited factors such as the liquidation of leveraged short positions, changing investor sentiment, and significant buying pressure from ETFs contributing to a potential rapid rise in Bitcoin’s value.

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

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