SIGN UP FOR POSTSCARD'S MORNING NEWSLETTER

The best stories of the day, in your inbox

Bitcoin Surges to $57,000: Highest Price in Two Years Driven by ETF Inflows

bitcoin

In a remarkable surge, Bitcoin has soared to $57,000, reaching a level not seen since November 2021. The world’s largest cryptocurrency has been buoyed by a combination of factors, including robust investor demand through exchange-traded funds (ETFs) and strategic buying by MicroStrategy.

ETFs Fuel the Rally

The rally in Bitcoin’s price has been primarily driven by the spurt in activities related to spot Bitcoin ETFs. These ETFs, which began trading in the United States in January 2024, have provided a fresh impetus to the market. As of today, Bitcoin has rebounded nearly 27% in the calendar year 2024, marking a significant recovery.

MicroStrategy’s Role in the Rise of Bitcoin Price

MicroStrategy, the largest corporate holder of Bitcoin, has been actively accumulating more tokens. Recently, the company purchased an additional 3,000 BTC for a whopping $155 million, bringing their total holdings to 193,000 coins. This strategic move underscores the growing institutional interest in Bitcoin as a store of value and an inflation hedge.

Ether Joins the Rally

Not to be outdone, Ether, the second-largest cryptocurrency, has also witnessed strong demand. Trading at $3,235, Ether has outperformed Bitcoin on a year-to-date basis, with a remarkable 37% rally compared to Bitcoin’s 27% gain. The recent surge in Ether’s price can be attributed to factors such as low levels of ETH held on exchanges and anticipation of the upcoming Dencun upgrade.

Global Economy and Anticipation on Bitcoin Price

Ryan Lee, Chief Analyst at Bitget Research, notes that the crypto markets have a general correlation with the broader economy. As assets in traditional financial markets, such as the S&P 500, hit new all-time highs, the crypto market has also experienced increased adoption since 2020. Furthermore, Bitcoin ETFs in the U.S. surpassed their all-time high, with trading volumes reaching $2.4 billion on February 26. Institutional investors have poured around $600 million into crypto investment products in the past week alone.

Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult with a qualified financial professional before making investment decisions.

The Kannada film industry mourns the loss of a legendary

In a significant move, India has imposed fresh restrictions on

The Union Public Service Commission (UPSC) has unveiled the final

Tragedy struck the northeastern region of Oman as flash floods wreaked havoc,

In the spirit of Ram Navami, the sacred city of

Tragedy struck the serene waters of the Jhelum River in

In a significant development, Iran Foreign Minister Hossein Amirabdollahian has

Meta, the social media giant, has officially rolled out its AI

In a strategic move aimed at bolstering its network capabilities,

The post-apocalyptic world of “Fallout” has come alive on the small screen,

In a shocking incident early Sunday morning, two unidentified assailants

In a significant shift of fortunes, Samsung has dethroned Apple

A tragic incident unfolded in Vancouver as a 24-year-old Indian student, Chirag

The Ajitsingh Nagar police have taken a significant step by

The Ministry of Commerce and Industry has issued a crucial advisory to

The Jallianwala Bagh massacre of 1919 remains etched in history

Amid escalating tensions in the Middle East, the United States

Tragedy struck the bustling city of Sydney today as a

The highly anticipated big-budget Ramayana film, starring Ranbir Kapoor, is

The United Kingdom has significantly increased the minimum income required

PM Narendra Modi, in a groundbreaking move, recently engaged with

Ashneer Grover, the co-founder and former managing director of BharatPe, is

A resurgence of whooping cough, a highly contagious respiratory illness,

The Andhra Pradesh Board of Intermediate Examination (BIEAP) has officially declared

In a significant breakthrough, the National Investigation Agency (NIA) has apprehended two

Get daily updates in your inbox. Subscribe to our newsletter.