In the past week, Bitcoin has exceeded its November 2021 all-time high three times. On Monday, the crypto market continued its gains, with Bitcoin rising above $72,000, touching $72,800 during the session, and Ethereum climbing above $4,000.
As Bitcoin once again set a new record, its market value has exceeded US$1.4 trillion, surpassing silver, Zuckerberg's Meta, Buffett's Berkshire Hathaway and other top companies in one fell swoop, becoming the world's 8th largest asset. After Ethereum rose above $4,000, it has now surpassed Walmart with a market value of $485.04 billion, becoming the 19th largest asset in the world.
“This rally has come amid weakness during the Asian trading session, during which bears sought to test bulls’ confidence – and it looks like bulls have responded with a pretty convincing positive response,” Australian Crypto said Richard Galvin, founder of currency investment firm DACM.
The new rise was mainly driven by multiple good news, and Bitcoin achieved more victories. The UK Financial Conduct Authority (FCA) announced in an announcement on Monday that it will open crypto-asset-backed exchange-traded notes (cETNs) to professional investors. Immediately afterwards, the London Stock Exchange took the lead in taking a stance and is expected to open the market on the second day.
Qi began to accept applications for ETNs based on Bitcoin and Ethereum, once again broadening investment avenues for the cryptocurrency market. In addition, Thailand’s securities regulator also stated that it will allow retail investors to purchase overseas cryptocurrency exchange-traded funds.
On the same day, former US President Donald Trump said that his administration may take a positive stance on cryptocurrencies if he wins the White House again. As the "showdown" between Biden and Trump begins, their attitudes towards the encryption industry have attracted much attention from voters.
With BTC at a historical high and investors paying close attention to whether there will be a correction, MicroStrategy, a US listed company that dominates Bitcoin holdings, disclosed. The company has completed the issuance and sale of US$800 million in senior convertible corporate bonds, and has used all the funds to purchase another 12,000 Bitcoins, bringing its total BTC holdings to 205,000, with a total price of US$14.758 billion. The account The floating profit was as high as US$7.848 billion.
Since the launch of a new batch of Bitcoin exchange-traded funds in the United States two months ago, investors have netted nearly $10 billion, sparking a broad rally in the cryptocurrency market. Due to strong demand for spot ETFs, investors are now desperate for more Bitcoin, and the supply and demand relationship for BTC will be even tighter. MicroStrategy CEO Michael Saylor believes that Bitcoin will go higher. Crypto-native asset management company Bitwise revealed that institutions managing trillions of dollars in assets are preparing to purchase Bitcoin spot ETFs before the end of June.
Perhaps the most anticipated milestone is the four-yearly “halving,” scheduled for April. Technical indicators suggest increasing interest from both institutional and retail investors. Open interest in CMEGroup's Bitcoin futures market is up 44% from this year's lows, while a rebound in so-called funding rates shows traders are increasingly willing to pay to open leveraged long positions in Bitcoin premium.
Looking back at March 12, 2020, starting at 6:30 in the evening, Bitcoin began to experience a waterfall-like plunge, with a decline rate of 5%/minute. Four years have passed, holding the two sharp edges of Wall Street funds and the halving narrative. Will it be Bitcoin’s turn to take revenge on 312 in 2023? Will it make a big move to reach a new high?
In fact, in 2020, as expectations for the U.S. economic stimulus policy fell through and market panic over the spread of the new coronavirus spread, not only the cryptocurrency market, but also global stock markets were affected, with stock indexes in at least 10 countries triggering triggers. Circuit breaker...
This year, the outlook for the U.S. economy has become more optimistic after experiencing exciting economic data in January. The active economic activity shows the strong momentum of recovery. Although the Federal Reserve faces the problem of controlling inflation at the 2% policy target, the overall economy is very different from the 2020 environment. In four years, the cryptocurrency market has experienced countless ups and downs, from collapse to rebirth. With the continuous construction of the market, various tracks are also blooming, the operation of exchanges is also safer, and market participants' awareness and acceptance of cryptocurrency are also constantly improving, bringing more liquidity and market vitality to it. .
Summarize
On the fourth anniversary of the “312” bloodbath, Bitcoin’s record highs and feat of surpassing silver remind us of the ups and downs of the cryptocurrency market over the past four years. Looking back on the past and looking forward to the future. No matter how the market changes, investors should remain alert and rational to adapt to the ever-changing cryptocurrency market. Only by continuing to learn and adapt can we succeed in this market full of opportunities and challenges.
