What a rollercoaster ride it's been for #Bitcoin this week! It charged past the $57,000 mark like a bull in a china shop during its first trading session, signaling a strong comeback from a slow period. Currently, it's taken a slight dip to $56,100, but still boasts an impressive 9% increase from the day before.
The #BullishRise trend from 2023 to 2024 is showing no signs of slowing down, thanks to consecutive 5% upswings on Tuesday and Monday. Monday's trading session in the United States saw Bitcoin reclaiming heights not seen since November 2021, starting at over $53,000 and surging all the way to $57,000 in a blink during the late evening and early Asian hours.
The rapid ascent is evident from CoinGlass data, showing about $250 million worth of holdings liquidated on Monday alone, with $120 million more on February 27th.
Investors were buzzing, especially in U.S.-based spot bitcoin ETFs, which saw record-breaking activity, hitting a whopping $2.4 billion in trading volume on Monday, excluding #GRAYSCALE GBTC. Even Donald Trump, the former president and potential 2024 candidate, hinted at a shift in attitude by saying he could "live with" $BTC , possibly signaling wider acceptance in politics.
Meanwhile, Michael Saylor, a prominent Bitcoin advocate, led MicroStrategy in another significant Bitcoin purchase, adding 3,000 Bitcoin to their already hefty stash of 193,000. Institutional and retail interest surged, with around $600 million pouring into cryptocurrency investment products last week, especially into newly authorized Bitcoin investment avenues.
The market responded with gusto, with cryptocurrency-related stocks skyrocketing. Microstrategy and Coinbase saw a 16% boost, while major Bitcoin miners Riot Platforms and Marathon Digital enjoyed gains of 15% and 20% respectively.
Nikolaos Panigirtzoglou from JPMorgan pointed out the renewed interest among retail investors in crypto assets in February, attributing it to key factors like the Bitcoin halving, anticipation around the #Ethereum(ETH) technology update, and the potential approval of spot ether #ETFs. , all contributing to the upward price momentum.