The price of bitcoin surged past $57,000 during the opening trading session of the week after a week of lackluster trading, as of this writing, the widely accepted crypto asset slightly decreased to $56,100, although it had still increased by more than 9% in the previous day.
The 2023–2024 bull run is still running strong and doesn’t seem to be slowing down. This increase is made feasible by the roughly 5% upswing observed on Tuesday and the 5% upswing on Monday.
For the first time since November 2021, bitcoin gained $53,000 as the rally got underway in the United States on Monday morning.
Later in the day, the price exceeded $54,000. Things picked up steam again in the late evening/early morning hours of Asia, with Bitcoin breaking over the $55,000, $56,000, and $57,000 marks in a matter of minutes.
CoinGlass data shows that this dramatic move liquidated holdings worth close to $250 million on Monday, with $120 million liquidated as of February 27.
Basics demonstrate The U.S.-based spot bitcoin ETFs saw significant activity on Monday because of the earlier Monday bitcoin rally, with the group (ex-Grayscale’s GBTC) recording a record-high $2.4 billion in trading volume.
Donald Trump, a former president and candidate for reelection in 2024, concluded last week by declaring that he could “live with” Bitcoin.
That was a significant turnabout for the most likely Republican contender. Furthermore, it probably promoted favorable opinions about the token’s position in the upcoming year’s anticipated quite significant political discussion around digital assets.
Furthermore, Michael Saylor, a longtime supporter of Bitcoin, led business intelligence company MicroStrategy to successfully execute another Bitcoin acquisition today. The company added 3,000 Bitcoin to its total holdings, which now stand at 193,000.
Additionally, last week witnessed inflows of around $600 million into cryptocurrency investment products. Additionally, those were spearheaded by the newly authorized Bitcoin investment instruments.
Cryptocurrency-related stocks increased as well. Microstrategy and Coinbase both increased 16%. The two biggest bitcoin miners, Riot Platforms and Marathon Digital, saw increases of 15% and 20%, respectively.
Nikolaos Panigirtzoglou of JPMorgan noted that retail enthusiasm for crypto assets recovered in February following a lull in January and has been a major factor driving the upward price action.
He identified three major drivers that could account for the resurgence of retail interest: the halving of bitcoin, the upcoming Ethereum technology update, which JPMorgan believes is already priced in, and the possible approval of spot ether ETFs.