Julia Jackson in Cryptocurrency On 03/04/2024

Bitcoin surpasses $65,000 and is primed for a record jump ahead of halving

Bitcoin (BTC) crossed the $65,000 mark on Monday morning, edging closer to its record peak of $69,000, reached in November 2021, according to CoinDesk. In the past 24 hours, Bitcoin increased in value by more than 6%.

There has been a 54% increase in Bitcoin’s value this year, which represents a 154% rise since 2022. This is largely due to a strong influx of funds into Bitcoin-based Exchange-Traded Funds (ETFs) based in the United States, approved in January 2024. Trading volumes for these Bitcoin ETFs are now exceeding $3 billion per day.

Based on data from analytics company IntoTheBlock, over 97% of Bitcoin holders are now ‘in profit’. This is the highest level since November 2021 when Bitcoin reached its peak value. A holder is considered ‘in profit’ when the current market price of Bitcoin surpasses the average cost of acquisition, implying that the majority of holders purchased their Bitcoins at rates lower than the current cryptocurrency price.

Euphoric movements in the cryptocurrency market, purchasing demand from institutional investors, and the anticipated traditional price increase linked to ‘halving’ (a reduction by half of the mining block reward) due in April may propel Bitcoin’s value above its record peak of $69,000 as early as March, according to cryptocurrency market traders who spoke earlier with CoinDesk.

This post was last modified on 03/04/2024

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Julia Jackson: Hey there! I'm Julia Jackson, your friendly neighborhood tech geek, always navigating the exciting realms of technology with unbridled enthusiasm. Born and raised in the digital age, I've been on a relentless quest to understand and unravel the intricacies of the ever-evolving tech landscape. Hailing from a generation that witnessed the meteoric rise of the internet, I've been a digital native since the dial-up days. From the nostalgic hum of connecting to the World Wide Web to the lightning-fast speeds of today's fiber optics, I've witnessed and adapted to the digital evolution with a keen eye and a passion for all things tech. My love affair with technology goes beyond just using gadgets; I'm driven by an insatiable curiosity to understand the nuts and bolts that power our digital world. Whether it's coding languages, emerging technologies, or the latest in artificial intelligence, I'm always eager to delve deeper and unravel the mysteries that make our digital existence possible. Beyond my personal pursuits, I'm deeply committed to fostering a sense of community in the tech world. Whether through sharing knowledge on online forums, attending tech meetups, or mentoring aspiring techies, I believe in the power of collaboration and knowledge sharing to propel us all forward.