Bitcoin hits $57K for first time since late 2021

Bitcoin has once again reached the US$57,000 mark, which it hasn’t done since late 2021. This is because more and more investors are buying Bitcoin through exchange-traded funds (ETFs) and MicroStrategy is also making additional purchases. At its highest point, Bitcoin’s price went up by 4.4% to reach US$57,039, but then it went down a bit and is currently trading at US$56,085.

Since the beginning of the year, its price has gone up by 32%, which has also increased interest in other cryptocurrencies like Ether and Binance Coin. A total of US$6.1 billion has been invested in Bitcoin ETFs, which started trading in the United States on January 11.

This shows that there is a growing demand for Crypto from people who are not just digital asset enthusiasts. Additionally, the upcoming halving, which will reduce the growth of Crypto supply, is making people feel even more optimistic about its future.

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MicroStrategy, a company that makes software for businesses, recently announced that they bought 3,000 more Bitcoin tokens in February. This brings their total Bitcoin holdings to around $10 billion. According to Ms. Katie Stockton from Fairlead Strategies, she believes that Bitcoin will continue to do well and not have a major drop.

The total value of digital assets is now about $2.2 trillion, up from $820 billion during the 2022 bear market. Even though investors are not expecting looser monetary policy in 2024, digital tokens are still increasing in value.

Mr. Sean Farrell, who is in charge of digital asset strategy at Fundstrat Global Advisors, wrote in a note that even though interest rates are increasing, the crypto market is still experiencing a strong upward trend.

According to Coinglass data, over February 26 and 27, around US$162 million worth of crypto trading positions that were betting on prices going down were closed out. This is one of the largest amounts in a two-day period since at least November 30.

In the year 2024, Bitcoin has performed better than traditional assets like stocks and gold. The price of Bitcoin compared to gold is currently at its highest level in over two years.

On February 26, the shares of companies related to crypto in the United States saw a significant increase. MicroStrategy went up by 16 percent, Coinbase Global, a trading platform, increased by 17 percent, and Marathon Digital Holdings, a mining company, jumped by 22 percent.

Asian digital asset stocks rose on February 27, with companies like Monex Group and Woori Technology Investment making strides.

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