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Bitcoin breaks $60,000 mark, and Wall Street's "vending machine" has just started

@ETF Tracker
During Wednesday's trading session in the US stock market, Bitcoin surged past the $64,000 mark, reaching a new high since November 2021. With an intraday increase of 13%, it has soared nearly 50% for the month so far. However, following this surge, Bitcoin's gains narrowed to just under 6%, showing a noticeable retracement from the earlier 13% intraday increase. This surge led to interruptions in services for cryptocurrency exchange Coinbase due to a surge in traffic, but services have since been restored. The current price of $64,000 is not far from Bitcoin's all-time high. The peak for Bitcoin was around $69,000, occurring in November 2021. The significant surge in Bitcoin this month also puts it on track to achieve its largest monthly gain since December 2020, when it rose by 50% in a single month. As Bitcoin soared above $60,000 and set new records, a significant influx of funds entered ETFs, particularly BlackRock's IBIT, helping to explain the digital asset's outstanding performance this year. Discussions surrounding the upcoming "halving" of Bitcoin's supply growth reduction have intensified optimism, although debates continue over how much impact this event will have on price prospects. Optimism surrounding Bitcoin is driven by several factors: Inflows into the US Bitcoin spot ETF. Since the Bitcoin ETF began trading on January 11th this year, despite a brief dip, Bitcoin has been on a steady rise, attracting over $6 billion in funds currently. Since the launch of the spot Bitcoin ETF, demand for the token has exceeded the amount of cryptocurrency long-term holders are willing to sell. The impending reduction in new Bitcoin issuance (halving). It is expected that after the halving in late April, the daily number of new coins mined will decrease from the current 900 to 450. If demand remains unchanged, supporters predict that there is still room for price increases. Optimism for the entire crypto asset category. Bitcoin's rise has boosted the entire cryptocurrency sector. According to CoinGecko data, the market capitalization of the entire cryptocurrency market surpassed $2 trillion for the first time since April 2022, with Bitcoin accounting for nearly $1.2 trillion. Since the beginning of last year, Bitcoin's value has more than doubled, rebounding from a 64% plunge in 2022. This represents a significant recovery from a series of scandals and bankruptcies that raised doubts about the viability of cryptocurrencies. According to Bloomberg, IBIT is poised to reach the $10 billion asset milestone in just seven weeks, making it the fastest ETF to reach this milestone, further highlighting this demand. While ETFs have been widely accepted by the public, some remain cautious. Some large traditional companies indicate they still need assurance that these ETFs are worth adding to their extensive trading platforms, while others, including Vanguard Group Inc., outright refuse to offer new ETFs on their platforms. We've conducted a comprehensive analysis on selecting a spot Bitcoin ETF. For details, please refer to:《Analyzing the 11 New Bitcoin ETFs: Which One Stands Out for Investors?》。 Wall Street is earning millions in fees through these ETFs, partly thanks to Bitcoin's 45% surge this year, with the recent breakthrough of $60,000. However, Wall Street's interest in cryptocurrencies goes beyond just ETFs; they hope these products will serve as a "gateway" to other funds, trading strategies, and digital asset services, making cryptocurrencies a choice for mainstream investors and the $100 trillion global wealth management industry. Steve Kurz, Global Head of Asset Management at Galaxy Digital, which collaborated with Invesco to launch a Bitcoin ETF, said, "This is the beginning of a revival in cryptocurrency asset management." $(ARKB)$ $(IBIT)$ $(BITB)$ $(HODL)$ $(BTCW)$ $(BTCO)$ $(FBTC)$ $(BRRR)$ $(GBTC)$ $(EZBC)$ $(DEFI)$ $(.SPX)$ $(QQQ)$
Bitcoin breaks $60,000 mark, and Wall Street's "vending machine" has just started

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