Bitcoin’s Surge
Bitcoin has kicked off March with a bang, on track for its biggest monthly gain in nearly three years. Investors are pouring money into bitcoin funds, fueling a massive rally. Bitcoin is now just a hair away from its record high.
Investor Frenzy
Bitcoin briefly touched $64,000 on Wednesday, its first time above $60,000 since November 2021. FOMO (fear of missing out) is driving investors to buy cryptocurrencies, reminiscent of the 2021 bull market that pushed bitcoin to $69,000.
Crypto’s Comeback
Bitcoin has tripled in value since the start of the year, recovering from a 64% drop in 2022. This recovery has been fueled by renewed confidence in digital assets after a series of scandals and bankruptcies.
Spot Bitcoin ETFs
The approval of spot bitcoin ETFs in the US has rekindled interest in cryptocurrencies. These funds saw inflows of $420 million on Wednesday, the highest in nearly two weeks.
Halving Event
Ahead of the April halving event, which reduces the supply of new bitcoins, traders are flocking to the cryptocurrency.
Expert Opinions
Experts believe that factors such as spot bitcoin ETF inflows, the halving event, and renewed confidence are driving bitcoin’s optimism.
All-Time High in March?
As Bitcoin fluctuates, hitting $64,000 before dipping to $62,000, the market remains in anticipation. Investors are speculating on the possibility of a new all-time high in March.
