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Bitcoin Tops $57K as Rally Picks Up Steam
The spot ETFs posted record volumes on Monday as bitcoin gained 6% during U.S. trading hours.
Updated Mar 8, 2024, 10:12 p.m. Published Feb 27, 2024, 2:27 a.m.
Following sizable gains during the U.S. day on Monday, bitcoin pushed through several additional round number milestones during early Tuesday morning Asia hours, the price topping $57,000 for the first time since November 2021.
At press time, bitcoin had pulled back a hair to $56,500, still ahead more than 9% over the past 24 hours. The broader CoinDesk 20 Index (CD20) was ahead 8.9% over the same time frame.
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The rally began Monday morning in the U.S., with bitcoin taking out $53,000, also for the first time since November 2021. The price rose above $54,000 later in the day. During the U.S. evening/early Asia morning, things got very active again, with bitcoin taking out the $55,000, $56,000 and $57,000 levels in the space of a few minutes.
The move higher in bitcoin earlier Monday spurred sizable activity in the U.S.-based spot bitcoin ETFs, with the group (ex-Grayscale's GBTC) posting a record-high $2.4 billion in trading volume on Monday, according to Bloomberg.
As for GBTC, it saw its smallest one-day outflow of bitcoin since the Jan. 11 launch of the spot ETFs, the fund shedding just 921 tokens.
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Bitcoin Rebounds to $93K From Post-Fed Lows, but Altcoins Remain Under Pressure
Downward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods, said one analyst.
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- Bitcoin rebounded from a sharp early selloff on Thursday to trade above $93,000 shortly after the close of U.S. stocks.
- The late-day gain in bitcoin came alongside a rebound in the Nasdaq from big morning losses; the tech index closed with just a 0.25% loss.
- Downward pressure on bitcoin is losing steam, said one analyst, but the market is not yet out of the woods.
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