During the U.S. stock trading session on Wednesday, Bitcoin broke through 6 intradayThe $40,000 mark continued to hit a new high since November 2021, up 13% in the day and up nearly 50% so far this month. However, Bitcoin's gains have since narrowed to less than 6%, a significant retracement from the 13% gain earlier in the day.
Latest6$40,000**, which is not far from the all-time high of Bitcoin. Bitcoin peaked at around 6$90,000, which occurred in November 2021. Bitcoin's surge this month also puts it on track for its biggest monthly gain since December 2020, when it was up 50% in a single month.
It should be noted that Bitcoin retreated from its intraday high on Wednesday at about the same time that Coinbase, the largest cryptocurrency exchange in the United States, reported that some users encountered errors when buying and selling, and some users' account balances showed that they could be zero. Coinbase reassures that customers' assets are safe.
Although Bitcoin ETF has experienced a brief decline since it began trading on January 11 this year, it has been soaring since then, attracting more than $6 billion in funding.
At present, more and more institutions are considering the launch of Bitcoin ETF products, and the demand for Ether ETF products is also getting louder and louder. According to the latest report from Coindesk, Morgan Stanley is conducting due diligence on Bitcoin ETFs and is considering offering Bitcoin ETF products to customers.
Bitcoin's surge has driven most of the digital currency concept stocks**. Ebang International ADR rose about 251%, and Micro Ce Investment rose about 142%, ARKB rose more than 111%, Canaan Technology ADR rose more than 88%。
The recent surge in digital currencies is due to the overall sentiment in anticipation that the demand for bitcoin is expanding beyond avid digital currency enthusiasts. In addition, the upcoming decrease in the growth of bitcoin, that is, the halving, adds to the optimism of the market.
Regarding Bitcoin's recent surge, industry insiders bluntly said that this is crazy. At present, the market is starting to see a fairly obvious fear of missing out (FOMO)**. More and more people want to buy.
While investors have lowered their expectations for a Fed rate cut this year, as evidenced by the recent rise in US Treasury yields, for example, digital currencies are still **. In 2024, Bitcoin outperformed traditional assets such as ** and **.
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