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Bitcoin (BTC) soars to above $60,000 on Wednesday, just shy of an all-time high as the frenzy for the world’s largest cryptocurrency reaches frenzy last seen during the 2021 boom Ta.
The digital asset rose to $63,900, its highest intraday price since November 2021, but some users of cryptocurrency exchange Coinbase (COIN) started showing their account balances as $0. Following the news, the price fell to the $60,000 level.
“We are aware that some users may experience zero balances across their Coinbase accounts and errors when buying or selling,” Coinbase said on its website. “Our team is investigating this issue. We will provide an update soon. Your assets are safe.” ”
We are aware that some users may experience zero balances or errors when buying or selling across their Coinbase accounts. Our team is investigating this issue and will provide an update soon. Your assets are safe.
You can follow this incident at https://t.co/a3pl4WiDhZ.— Coinbase Support (@CoinbaseSupport) February 28, 2024
Before the price pullback, the bull market was close to an all-time high of $68,789. The peak came six months before the spectacular crash that will occur in 2022.
“Ultimately, what we are seeing is cryptocurrencies rising from the market ashes in 2022,” said Ryan Rasmussen, senior crypto research analyst at Bitwise Asset Management. It is a thing,” he said.
Bitcoin is riding a wave of excitement caused by a series of physical Bitcoin ETFs that began trading in January. These funds provide everyday investors with broad exposure to digital assets, sparking predictions of a new bull market.
Benchmark’s Mark Palmer added on Yahoo Finance Live: “We expect the price of Bitcoin to reach $125,000 by the end of 2025.”
Investors are also bidding up other cryptocurrencies and related stocks. According to CoinMarketCap, since the beginning of the year, the second-largest cryptocurrency, Ether (ETH), has outperformed Bitcoin by more than 4%, and the total market value of all crypto assets has increased by about 36% to $2.24 trillion. It has become.
One sign of the growing enthusiasm for Bitcoin is the trading activity of a Bitcoin ETF launched in January. As of Wednesday, the company had recorded net inflows of more than $6.7 billion, according to data collected by London-based fund Pharcyde Investors.
So far this quarter, Bitcoin trading volume has exceeded the same period in each quarter of 2023. This activity has been a boon for major crypto exchanges such as Coinbase and Robinhood (HOOD). As of Wednesday, these stocks were up 18% and 26%, respectively, since the beginning of January.
Bitcoin miner Marathon Digital (MARA) and bitcoin holder MicroStrategy (MSTR) rose 34% and 53% during the same period. MicroStrategy announced on Monday morning that it had acquired an additional 3,000 BTC, bringing its total investment to 193,000 BTC, worth more than $11 billion as of Wednesday.
Derivatives traders are also currently flocking to Bitcoin’s rally, according to Cumberland Institute analyst Christopher Newhouse.
According to crypto derivatives data provider Coinglass, there are approximately $25 billion in outstanding contracts in the Bitcoin futures market. This is a new high for outstanding bets on Bitcoin futures, surpassing the previous record set in April 2021.
“In the options market, the story is clear,” Newhouse added. “People are bullish.”
David Hollerith is a senior reporter at Yahoo Finance, covering banking, cryptocurrencies, and other financial areas.
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