Bitcoin

April

This milestone comes amid a wave of optimism in the crypto market, with options traders even speculating prices could soar to $75,000 in the next few months. In the shirt terms, and as interest in <a href="https://financefeeds.com/investors-withdraw-5-billion-from-grayscale-bitcoin-trust/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> picks up, some traders are setting their sights on the $64,000 mark for Bitcoin in the first quarter. This Tuesday, BlackRock's IBIT ETF experienced a significant boost, pulling in nearly $500 million in net inflows, a clear sign of growing investor interest.
The bullish price movement led to the liquidation of over $130 million in cryptocurrency short positions across centralized exchanges within the last 24 hours. The volatility saw a dramatic increase, especially with bitcoin's price spike, resulting in the elimination of nearly $93 million in positions, predominantly shorts.
Since February's start, <a href="https://financefeeds.com/bitcoin-technical-analysis-report-14-february-2024/" rel="noopener noreferrer nofollow">bitcoin has seen a 21% appreciation</a>, with its market dominance at 50%, overshadowing ether's 16.3%. The growing interest in spot bitcoin exchange-traded fund (ETF) products, particularly with BlackRock’s IBIT experiencing nearly $500 million in net inflows on Tuesday, suggests a robust buying demand.
As the overall <a href="https://financefeeds.com/bitcoin-bull-run-propels-barry-silberts-dcg-profits-to-275-million/" rel="noopener noreferrer nofollow">cryptocurrency market capitalization</a> soared above $2 trillion again, a level last seen in April 2022, bitcoin's price rose nearly 3% over 24 hours, trading at $51,521 as of early Wednesday.
This resurgence in the crypto market contrasts with the recent downturn in U.S. equities. Following the U.S. Labor Department's inflation report for January, which showed a higher-than-expected increase, the Dow Jones and S&amp;P 500 experienced declines.
The inflation data has adjusted market expectations regarding the <a href="https://financefeeds.com/navigating-the-federal-interest-rate-impact-expectations-and-investment-insights/" rel="noopener noreferrer nofollow">Federal Reserve's interest rate</a> decisions, with a significant likelihood of maintaining current rates in March, according to the CME FedWatch tool.

Bitcoin just shy of $52,000, market cap tops $1 trillion

FinanceFeeds

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