Markets News Report
February 28, 2024

Bitcoin Price Skyrockets to $60K Milestone Fueled by Institutional Buying Spree and Halving Hype

In Brief

Bitcoin (BTC) price surged to new heights hitting $60K mark today, fueled by a wave of bullish sentiment and halving hype.

Bitcoin Price Skyrockets to $60K Milestone Fueled by Institutional Buying Spree and Halving Hype

Bitcoin (BTC) surged to new heights with its price hitting the $60,000 mark today (approx $60,295) at 6.45%, fueled by a wave of significant purchases from institutional crypto investors and a prevailing bullish sentiment. Analysts anticipate the enthusiasm surrounding Bitcoin to grow even further, especially with the upcoming halving in mid-April (53 days remaining), which will further tighten its supply.

The optimism to the impending halving event, is expected to alleviate selling pressure —- coupled with traders increasingly taking bullish positions in anticipation of continued gains. Software firm Microstrategy recently garnered headlines by acquiring 3000 bitcoins valued at $155 million, marking yet another substantial endorsement of the digital asset by major corporations.

MicroStrategy’s Bitcoin holdings have exceed 140,000 coins, with a current valuation surpassing $8 billion—a bold display of confidence in Bitcoin’s potential for further growth. As bullish sentiment gains momentum, bitcoin appears poised to leave behind the bearish sentiments of 2022.

Source: CoinDesk

The recent rise also comes amidst growing interest in Bitcoin ETFs. Nine newly introduced spot ETFs achieved a notable milestone by generating a record-breaking combined daily trading volume of $2.4 billion through buying and selling transactions.

After enduring a harsh crypto winter that saw BTC plummet to as low as $15,500, bitcoin has staged a remarkable comeback in 2024, marking a staggering 270% increase year-to-date. Against the backdrop of global macroeconomic uncertainty, bitcoin’s reputation as an inflation hedge has only strengthened.

The current surge, surpassing $60,000, indicates a heightened likelihood of exceeding the 2021 peak of $69,000. Despite this, a notable obstacle looms at the $60,000 mark, although the ongoing resurgence remains a significant development. With favorable conditions aligning for a substantial bull run leading up to the halving, predictions of Bitcoin price reaching six figures may soon shift from speculation to reality.

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About The Author

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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Victor Dey
Victor Dey

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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