According to Cointelegraph: Bitcoin made crypto headlines today as it breached the $60,000 mark for the first time since November 2021—an over two-year gap. After experiencing a 6% rise in the 24 hours leading up to 1:00 pm UTC, the first-ever cryptocurrency touched $60,001 on Binance at 1:11 pm.
Bitcoin's performance has been stellar, posting over 13% growth on the weekly chart and an impressive 37% rise in the past month, as per CoinMarketCap data. November 12, 2021, was the last date Bitcoin traded above $60,000, following which it experienced a sharp reversal, plummeting over 67% to a macro low of $19,297 in late April 2022.
Experts suggest that the market anticipation surrounding the impending halving event is a driving force behind Bitcoin's surge. Bryan Legend, investor and CEO of Hectic Labs, explained that investors expect a reduction in supply to result in price spikes, contributing to a renewed bull market—known as the 'Pre-Halving rally.' This appears to be happening right now, according to Legend.
However, Rekt Capital, a pseudonymous crypto analyst highlights the possibility of a "pre-halving retracement," based on historical data indicating that Bitcoin's significant movements typically occur after halvings, not before.
This upswing in Bitcoin's market performance comes on the heels of the emergence of impressive stats for spot Bitcoin exchange-traded funds (ETFs) in the United States. Over $2.4 billion in daily trading volume was recorded on February 26, marking an all-time high. Furthermore, BlackRock's iShares Bitcoin Trust ETF recorded over 100,000 individual trades on February 27. A CryptoQuant report from February 14 shows that an estimated 75% of new Bitcoin investments are attributable to U.S. spot Bitcoin ETFs.
