Crypto News – On Monday, Bitcoin (BTC) broke through the $65,000 barrier, per CoinGecko data.
Last 6% to Record: Bitcoin Hit All-Time High in Euros
As of this writing, the price of Bitcoin is over $66.000, having increased by nearly 5.88% over the previous day. With this increase, Bitcoin’s historical high of approximately $69,000 in November 2021 is just about 6% away.
The Bitcoin fear and greed index hit 83 yesterday, the highest level since the cryptocurrency’s peak of $69,000, according to data from Alternative.me. This implies that investors have a great deal of faith in Bitcoin’s price potential.
On March 4, Bitcoin achieved a first in history by breaking through a new psychological barrier and hitting 60,000 euros against the euro. Bitcoin reached 60,393 euros, up roughly 5% from its intraday low of 57,521 EUR, according to data from TradingView.
In 2024, bitcoin continues to rise against several fiat currencies, notably the Chinese yuan (CNY), which is currently the largest fiat currency in the world in terms of market capitalization. As of February 28, Bitcoin had reached record highs in over 30 nations, including China, India, Japan, South Korea, and Argentina, according to angel investor and former Coinbase chief financial officer Balaji Srinivasan.
What Triggered the Rise?
Institutional accumulation, particularly from US spot Bitcoin ETFs and large companies like MicroStrategy, drove the increase. Since their debut trading day, the total cumulative trading volume of US spot Bitcoin ETFs has seen net inflows of more over $7.3 billion, according to BitMEX Research’s update from last Saturday.
BlackRock’s spot Bitcoin fund (IBIT) has amassed more than $10 billion in Bitcoin, according to Eric Balchunas, an ETF analyst for Bloomberg. A select group of ETFs with assets under management exceeding $10 billion has also been joined by the fund.
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