Source: Wall Street News
The latest price of $64,000 is not far from Bitcoin's all-time high. Bitcoin's peak was around $69,000, which occurred in November 2021. Bitcoin's sharp rise this month also makes it expected to record its biggest monthly increase since December 2020, when it rose 50% in a single month.
During the US stock trading session on Wednesday, Bitcoin broke through the $64,000 intraday mark, continuing to hit a new high since November 2021, with an intraday increase of 13% and a sharp rise of nearly 50% so far this month. However, since then, Bitcoin's increase has narrowed to less than 6%, which is a marked retracement from the 13% increase in an earlier day.
The latest price of $64,000 is not far from Bitcoin's all-time high. Bitcoin's peak was around $69,000, which occurred in November 2021. Bitcoin's sharp rise this month also makes it expected to record its biggest monthly increase since December 2020, when it rose 50% in a single month.
It should be noted that Bitcoin has almost retreated from its intraday high on Wednesday. At the same time, Coinbase, the largest cryptocurrency exchange in the US, reported that some users encountered errors when trading, and that some users' account balances may be zero. Coinbase reassured that the customer's assets are safe.
Since Bitcoin ETF listing and trading began on January 11 this year, although Bitcoin has experienced a brief decline, it has continued to soar since then, and has now attracted more than 6 billion US dollars in capital.
Currently, more and more institutions are considering launching Bitcoin ETF products, and calls for the launch of Ether ETF products are getting louder and louder. According to a recent report from CoinDesk, Morgan Stanley is conducting due diligence on Bitcoin ETFs to consider providing customers with Bitcoin ETF products.
Bitcoin's sharp rise has driven most digital currency concept stocks to rise. At one point, Yibang International's ADR rose by about 25.1% during the intraday period, Weitse Investment rose by about 14.2%, ARKB rose by more than 11.1%, and Canan Technology's ADR rose more than 8.8%.
The recent surge in digital currencies is due to the market's expectation that demand for Bitcoin is expanding beyond fanatical digital currency enthusiasts, making overall sentiment high. Furthermore, the upcoming Bitcoin supply growth has declined, or halved, increasing market optimism.
Regarding the recent surge in Bitcoin, industry insiders bluntly said that this is crazy. Currently, the market is beginning to see a fairly obvious fear of missing out (FOMO) rebound. More and more people want to buy it.
Although investors have lowered their expectations for the Fed to cut interest rates this year, as evidenced by the recent rise in US Treasury yields, digital currencies are still rising. In 2024, Bitcoin outperformed traditional assets such as stocks and gold.
Editor/jayden