Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Wednesday, August 21, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

Bitcoin tops $67,000 as it nears 2021 all-time high

March 4, 2024
in News
Reading Time: 4 mins read
A A
Bitcoin tops ,000 as it nears 2021 all-time high
0
SHARES
ShareShareShareShareShare

READ ALSO

Ukraine carries out one of largest-ever drone attacks on Moscow

Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says

Jaap Arriens | NurPhoto | Getty Images

Bitcoin jumped to start the week, edging even closer to its all-time high after the rally took a breather over the weekend.

The flagship cryptocurrency was last higher by 7% at $67,386.97, according to Coin Metrics. Earlier, it rose to as much as $67,493.00, its highest level since November 2021. Ether advanced 2% to $3,550.86.

Both coins are coming off their best week in almost a year (bitcoin gained about 21% and ether 16%) but paused their run over the weekend as the market digested two days of steep outflows from the Grayscale Bitcoin Trust (GBTC) that were offset by inflows into other “newborn” bitcoin ETFs.

Stock Chart IconStock chart icon

Bitcoin tops ,000 as it nears 2021 all-time high

Bitcoin is edging toward its all-time high

“With the birth of these nine new ETFs the big moves now tend to take place during the normal trading week rather than the weekends,” said Antoni Trenchev, cofounder of crypto exchange Nexo.

“What we’re seeing today … might well be a rerun of early last week when bitcoin surged $10,000 in the space of a couple of days,” he added. “We’re in that sort of environment when a day or two of sideways consolidation can precede explosive price action thanks to the voracious demand of these new spot ETFs.”

At $67,000, bitcoin sits about 3% off its November 2021 intraday record of $68,982.20.

Bitcoin lifted other crypto tokens, especially meme coins. Dogecoin surged 17%, while Shiba Inu coin rocketed 53%. Analysts point to their performance as evidence that retail investors, who have been absent for much of the recent crypto rally, are starting to return to the crypto market. Last week, meme tokens’ weekly trade volume surged to their highest level since late 2021, according to crypto data provider Kaiko.

Some crypto equities rode the bitcoin wave, like Coinbase and Microstrategy, which rose 7% and 20%, respectively. Miners sat out, however, giving back earlier gains as the short-term impact of the upcoming halving in April — when mining companies’ revenue will be slashed — weighed on investors. Riot Platforms, Iris Energy and CleanSpark each fell about 6%. Cipher Mining slid 4% and Marathon Digital dipped about 2%.

Some analysts have suggested that while bitcoin could keep rising in the short term, it may may cool in the next few weeks, as unrealized profit margins approach extreme levels. Bitcoin’s realized price is sitting at just about $42,700, according to CryptoQuant.

Nevertheless, long-term investors are confident that the combination of increasing demand for bitcoin through the new U.S. exchange-traded funds and a tighter supply expected after the April halving event will push the price of bitcoin to a new all-time high.

Crypto has also been getting a slight bid from the stock market, where the tech-heavy Nasdaq Composite reached an all-time high on Friday, becoming the last of the major stock indexes to hit a record close this year. David Duong, head of institutional research at Coinbase, said that although March could be a month of sideways grinding for bitcoin, the cryptocurrency is benefitting from an AI- and blockchain technology-driven productivity boom he expects is here to stay.

Credit: Source link

ShareTweetSendSharePin
Previous Post

Apple’s Magic Keyboard for the 11-inch iPad Pro and Air is 40 percent off

Next Post

Health benefits navigation platform Healthee garners $32M

Related Posts

Ukraine carries out one of largest-ever drone attacks on Moscow
News

Ukraine carries out one of largest-ever drone attacks on Moscow

August 21, 2024
Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says
News

Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says

August 21, 2024
Japan trade on deck, Wall Street rally pauses
News

Japan trade on deck, Wall Street rally pauses

August 21, 2024
GMC targets electric truck leadership against Tesla, Ford, Rivian
News

GMC targets electric truck leadership against Tesla, Ford, Rivian

August 21, 2024
Brits snap up lower mortgages as BOE cut boosts market
News

Brits snap up lower mortgages as BOE cut boosts market

August 20, 2024
Eli Lilly weight loss drug cuts risk of developing diabetes in trial
News

Eli Lilly weight loss drug cuts risk of developing diabetes in trial

August 20, 2024
Next Post
Health benefits navigation platform Healthee garners M

Health benefits navigation platform Healthee garners $32M

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

Peter Thiel tells Joe Rogan his next move is either to Nashville or Miami to avoid California taxes

Peter Thiel tells Joe Rogan his next move is either to Nashville or Miami to avoid California taxes

August 19, 2024
Warren Buffett was bothered by high costs, complacency at Gates Foundation

Warren Buffett was bothered by high costs, complacency at Gates Foundation

August 4, 2024
Victor Wembanyama puts basketball world on notice after Olympic loss: ‘Worried’ for opponents

Victor Wembanyama puts basketball world on notice after Olympic loss: ‘Worried’ for opponents

August 13, 2024
Building a Strong Employer Brand: Keys to Attracting & Retaining Top Talent in a Competitive Market

Building a Strong Employer Brand: Keys to Attracting & Retaining Top Talent in a Competitive Market

July 29, 2024
Michigan football faces uphill battle in post-Jim Harbaugh era

Michigan football faces uphill battle in post-Jim Harbaugh era

August 15, 2024
Golf influencer Paige Spiranac reveals best business advice she’s received while growing brand

Golf influencer Paige Spiranac reveals best business advice she’s received while growing brand

July 31, 2024
Breece Hall won’t let himself be overlooked with lofty Jets goals

Breece Hall won’t let himself be overlooked with lofty Jets goals

July 26, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • France to donate 100,000 mpox vaccines as nation prepares for outbreak at home
  • Ukraine carries out one of largest-ever drone attacks on Moscow
  • Yankees’ DJ LeMahieu in another rut as porous season continues
  • Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In