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Revealed: Feb. 28, 2024 at 4:53 a.m. ET
The worth of bitcoin surged previous $59,000 on Wednesday, touching ranges not seen since late 2021 as a bullish run for the highest cryptocurrency continued.
Bitcoin BTCUSD was final up 3.7% at $59,142, simply off a session excessive of $59,482. The crypto is roughly 14.5% from a file of $68,990 reached 27 months in the past.
Up 40% thus far this 12 months, bitcoin…
The worth of bitcoin surged previous $59,000 on Wednesday, touching ranges not seen since late 2021 as a bullish run for the highest cryptocurrency continued.
Bitcoin
BTCUSD
was final up 3.7% at $59,142, simply off a session excessive of $59,482. The crypto is roughly 14.5% from a file of $68,990 reached 27 months in the past.
Up 40% thus far this 12 months, bitcoin has been fueled by continued inflows into bitcoin exchange-traded funds and hopes around the coming “halving event,” which is anticipated to occur in April. Previous halvings of the crypto have coincided with bull runs.
The crypto’s climb once more boosted associated shares with crypto alternate Coinbase World Inc.
COIN
up over 6% in premarket buying and selling and MicroStrategy Inc.
MSTR
,
one of many greatest publicly traded holders of bitcoin, up 8%.
Learn: MicroStrategy’s stock deemed a ‘buy,’ with bitcoin’s halving a budding catalyst
Shares of crypto miners Marathon Digital Holdings Inc.
MARA
and Riot Platforms Inc.
RIOT
had been gaining 8% and 6%, respectively, in premarket buying and selling.
“With whales and different key names piling money again into BTC forward of the April halving occasion, bitcoin costs look more likely to proceed larger near-term,” mentioned James Harte of multiasset dealer Tickmill Group, in a word to shoppers on Tuesday.
“The query is whether or not the rally will proceed submit halving or if it will likely be a case of purchase the rumor promote the information? With bitcoin provide dwindling and up to date ETF approvals fueling a surge in demand, there’s a sturdy case for the rally persevering with this 12 months with some commentators calling for the $100k mark by year-end,” mentioned Harte.
As earlier reported by CoinDesk, the Bitcoin Worry and Greed Index shifted into excessive greed territory on Tuesday, from simply greed:
