On February 29, Bitcoin broke through $64,000, continuing to hit a new high since December 2021, and has now fallen back to $61,000.
So far in February, all but 8 trading days have been average**, with a cumulative increase of more than 40% in the month.
Antoni Trenchev, co-founder of crypto exchange Nexo, said that as Bitcoin approaches $69,000, resistance is expected, but a break above $60,000 should whet the appetite of investors who are on the sidelines this year, especially investors.
According to JPMorgan Chase, their interest in cryptocurrencies has taken a break this month after a pause in January.
The launch of the ETF has made the asset class more accessible to institutional investors, and the network is about to hold a halving event that, historically, sets the stage for a significant ** in the coming months, with investors expecting the asset to set a new record this year.
Zach Pandl, head of research at Grayscale Investments, said: "Bitcoin demand is in conflict with the increasingly tight **. In February, new US spot Bitcoin ETFs earned an average of $1 per calendar day$9.5 billion, while the Bitcoin network currently produces about 900 bitcoins per day, assuming $60,000, which is about $54 million worth of bitcoins.
Given that the Bitcoin halving in April is on the horizon, issuance will drop by half. There simply isn't enough Bitcoin to meet all the new demand, so natural supply and demand dynamics are pushing ** higher. 」
Halving is an event specified in Bitcoin that halves the Bitcoin mining reward in order to limit. The next halving is expected to take place in April.
The move boosted Bitcoin-related**. Cryptocurrency exchange Coinbase's share price has risen by more than 3%, despite its users reporting zero errors in account balances and buying and selling issues. Block operates a bitcoin trading service and holds cryptocurrencies on its balance sheet, with a share price of more than 1%. At the same time, the bitcoin company Microstrategy is 11% and the miner Marathon Digital is 5%.