Key Reasons Why Bitcoin (BTC) Just Hit $70,000

Key Reasons Why Bitcoin (BTC) Just Hit $70,000

Bitcoin, the cryptocurrency par excellence, has passed an important milestone, trading above $70,000 for the first time in its history, according to data from Bitstamp.


Bitcoin, the cryptocurrency par excellence, has passed an important milestone, trading above $70,000 for the first time in its history, according to data from Bitstamp.

The leading digital currency hit an intraday high of $70,184 before retreating to the $68,000 level.

According to data from CoinGlass, total liquidations amounted to $258.56 million in the last 24 hours, with long positions accounting for $120 million and short positions accounting for $138.56 million.

Growing interest in Bitcoin ETFs

The rise in Bitcoin price comes amid a notable increase in investor interest, particularly in Bitcoin exchange-traded funds (ETFs).

Bitcoin ETFs experienced a significant capital inflow, with inflows reported totaling $563 million the previous day. In stark contrast, gold ETFs saw outflows worth $85 million.

Solana Founder Praises Coinbase CEO’s Bold Move

This indicates growing confidence in Bitcoin as a store of value, which could reduce the market share that gold traditionally holds.

US employment data

The dynamism of Bitcoin’s value also shows its growing correlation with the stock market, which had a positive response to February’s strong employment data.

The stock market rally, fueled by expectations of a Federal Reserve rate cut, has further strengthened investor confidence in several asset classes.

As Guru-Investingreported, the S&P 500 index recently hit another all-time high.

The long-awaited halving event

Another factor contributing to Bitcoin’s rise is the anticipation of the upcoming “halving” event. This pre-scheduled process, which occurs approximately every four years, halves the reward for mining Bitcoin transactions, effectively reducing the speed at which new Bitcoins are created.

The next halving is projected to occur on April 20, with current progress at 97% and only 6,262 blocks remaining until the halving block of 840,000. Historically, this scarcity mechanism triggers bullish sentiment as supply growth slows.

Leave a Reply

Your email address will not be published. Required fields are marked *

Best Exchanges
Buy, trade, and hold 600+ cryptocurrencies on Binance
Buy, trade, and hold 450+ cryptocurrencies on ByBit
Buy, trade, and hold 150+ cryptocurrencies on Kucoin
Buy, trade, and hold 100+ cryptocurrencies on BitFinex 
Buy, trade, and hold 150+ cryptocurrencies on CoinBase

Guru Investing is an independent source of information about investing , not controlled by any broker. All our reviews and guides are created honestly, according to the best knowledge and judgement of the members of our independent expert team; however, they are intended for informative purposes only and should not be construed as, nor relied upon as, legal advice. You should always make sure that you meet all regulatory requirements before making any financial operations . Copyright ©2024 Email for contact [email protected] kashmiri girls sex jayasex desi bhabi xxx xlnindia 1st time sex video たかはししょうこ動画 真正中出し3本番 彩乃なな sex film sexy film xnxx indian teens
ano nga ba ang pangarap hello heart episode 3 reshma hot saree images xvidies com bihar chudai heroine photo hot dasixx ileana d'cruz hot photoshoot hindi movi
www sxe vidoes boops sucking dehati fuck chuk chuk rail gujaratisexvidio probinsyano october 18 2021 full episode ang probinsyano july 14 2022 قصص سكس كرتون سكس بنات تخينة