Bitcoin eyes $60,000 in biggest monthly rally since late 2020
LONDON –Bitcoin surged for a fifth day on Wednesday to near $60,000, buoyed by flows into new U.S. spot bitcoin exchange traded products that have driven it up nearly 40 percent in February, which would mark its largest monthly rally since December 2020.
Bitcoin was last up 4.5 percent at $59,244, its highest since December 2021.
Traders have poured into bitcoin ahead of April’s halving event – a process designed to slow the release of the cryptocurrency. In addition, the prospect of the Federal Reserve delivering a series of rate cuts this year has fed investor appetite for higher-yielding or more volatile assets.
“Bitcoin is being driven by the support of consistent inflows into the new spot ETFs and outlook for April’s halving event and June’s Fed interest rate cuts,” Ben Laidler, global markets strategist at retail investment platform eToro, said.
The value of all the bitcoin in circulation has topped $2 trillion this month for the first time in two years, according to crypto platform CoinGecko, while the price of the token itself has doubled in just four months.
The bigger bitcoin exchange-traded funds (ETFs) have seen a definite pickup in interest this week.
READ: Bitcoin breaks $57,000 as big buyers circle
The three most popular, run by Grayscale, Fidelity and BlackRock, have seen trading volumes surge.
On Monday and Tuesday, around 110 million shares in the biggest three changed hands, about 51 percent of the 215 million shares traded in the market’s most valuable companies – Apple, Microsoft and Nvidia, according to LSEG data.
Three weeks ago, this percentage was closer to 15 percent.
More Bitcoin investors
“Essentially, we’re seeing the ETF effect ahead of schedule. Inflows into them stepped up quickly last week and have been sustained, and we think it’s reflective of
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