Bitcoin has hit a milestone by surpassing $60,000 for the first time since November 2021, soaring to $63,968 before settling around $60,000. The current price stands at $61,463, showing a notable 39% increase year to date.
The surge in Bitcoin price has set new records in various local currencies across multiple global markets, including financially stable countries like China, Japan, the U.K., and India, as well as emerging markets such as Argentina, Turkey, and Egypt.
This sudden surge has reignited memories of the cryptocurrency bull market that drove Bitcoin to an all-time high of nearly $69,000 in November 2021, as investors flocked in, fearing they might miss out on potential future price hikes.
Some investors took to social media to express their excitement about the rapid rise.
#Bitcoin is forming a lower-timeframe bullish pennant, right below the last resistance before all-time highs.
Hold tight, and enjoy the ride. 📈 pic.twitter.com/AHtkCEo5Ii
— Jelle (@CryptoJelleNL) March 1, 2024
Best month ever for the fund. By far.
Not a solicitation to invest.
Shout out to the #Bitcoin growth engine. 🔥
— Dr. Jeff Ross (@VailshireCap) March 1, 2024
An unidentified analyst claimed, “Bull market has started. If history repeats itself, we may witness around 10 months of intense FOMO (fear of missing out) with extreme price surges coupled with multiple -30% drops.”
🔴RED DOT !!
Accumulation phase has ended: no more easy buying opportunities in orderly and slowly increasing markets.
Bull market has started. If history is any guide, we will see ~10 months of face melting fomo: extreme price pumps combined with multiple -30% drops. Enjoy!🚀 pic.twitter.com/8MyZJUSUlb
— PlanB (@100trillionUSD) March 1, 2024
Bitcoin ETFs create history
The U.S. authorities recently approved the launch of spot Bitcoin exchange-traded funds (ETFs) by prominent asset managers like BlackRock and Invesco. This approval paves the way for a surge of new investments from individuals looking to speculate on the cryptocurrency in a regulated environment.
“Investors should tread cautiously concerning the various risks linked to Bitcoin and products tied to crypto,” Gary Gensler, chairman of the U.S. Securities and Exchange Commission, advised.
BREAKING: BlackRock’s Bitcoin ETF, $IBIT, hits a record $10 billion in assets under management.
This is the fastest an ETF has hit $10 billion in assets under management, at 37 trading days.
Just ~4% of all ETFs have reached the $10 billion mark.
More history made by #Bitcoin. pic.twitter.com/aCgZ7jOB2V
— The Kobeissi Letter (@KobeissiLetter) March 1, 2024
According to K33 Research as cited by the Financial Times, the 11 funds currently hold 303,000 bitcoins valued at $18 billion, which accounts for roughly 1.5% of the total bitcoin supply. BlackRock’s Bitcoin ETF achieved a new high of $10 billion in assets under management today (March 1), making it the quickest ETF to reach this milestone in just 37 trading days.
Featured image: DALL·E / Canva
