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Bitcoin Surges Beyond $64,000 as ETF Demand Fuels Record Hopes

Bitcoin’s relentless ascent continued as it soared to a two-year high, breaching the $64,000 mark amidst a surge in demand. The anticipation of exchange-traded funds (ETFs) fueled this increase. With its value peaking at $64,285, the cryptocurrency edged closer to its all-time high of $68,999.99 set in November 2021.

Bitcoin price surge graph with ETF symbols
Source: Coinbackyard

The fervent interest in Bitcoin ETFs has intensified. They commenced trading earlier this year. It drew significant investments from institutional players like BlackRock and Fidelity Investments. Since their inception, net inflows totaling $7.35 billion have flooded into these ETFs, propelling Bitcoin’s price upwards.

Investors and traders are increasingly optimistic about Bitcoin’s trajectory. They are betting on its price surpassing previous records, especially with the looming Bitcoin halving expected later this year. The halving event, which reduces mining rewards, is anticipated to tighten supply dynamics, potentially further driving up demand.

The cryptocurrency market, buoyed by Bitcoin’s surge, witnessed positive movements in smaller tokens like Ether and Solana. This bullish momentum underscores the broader market sentiment. It’s reminiscent of the 2021 rally as investors seek exposure to digital assets amidst record highs in traditional stock indexes.

As Bitcoin inches closer to its historic peak, the market braces for potential milestones. It anticipates further price appreciation fueled by robust ETF demand. Positive sentiment surrounds halving prospects. With the convergence of factors, crossing the psychological threshold of its previous all-time high seems increasingly imminent.

March 4, 2024 at 9:30 am

Updated March 4, 2024 at 9:30 am

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