Bitcoin the future of finance or just another investment tool – Maybe both?

So Bitcoin went up almost 6% in value over the last 5 days. Those price gains push BlackRock’s ETF above $2 billion in assets under management. The total trading volume for spot bitcoin ETFs has surpassed $22 billion since investors gained the ability to buy and sell the instruments earlier this month, according to Yahoo Finance data compiled by The Block.

Bitcoin’s ongoing bull run is likely sustainable as Glassnode data reveals that Bitcoin’s short-term holder realized price continues to climb. This indicates BTC is getting acquired at a higher price, supporting Bitcoin’s uptrend and the thesis for BTC recovery. The Bitcoin price sustained above the $42,000 level on Monday, recovering from its weekend slump. BTC price climbed above the $40,000 psychological level. BTC price is likely to face resistance at $43,600 and $45,589, two key levels in its uptrend.

The bitcoin price has climbed by around 80% over the last 12 months with JPMorgan issuing a surprise bitcoin price prediction this week.
Now, as Donald Trump quietly leans into bitcoin and crypto, the market is braced for the U.S. Federal Reserve to end its funding lifeline for banks, with one closely-watched trader warning it could spark a “financial crisis” and force the Fed to restart its money printer.

This week, the Fed confirmed rumors it will in March end its $160 billion bank term funding program, which was created with the approval of Treasury Secretary Janet Yellen amid last year’s U.S. banking crisis that came close to spiraling into a full-blown banking meltdown.
The banking crisis is widely thought to have been sparked by the Fed’s rapid series of interest rate hikes as inflation surged, piling pressure on bank balance sheets that had become over extended during the ultra-loose monetary policies of the Covid-era.
Hayes predicts banks will continue to struggle “until rates are reduced,” adding, “there is no way these banks can survive without the government support provided via the BTFP.”

“Even if bitcoin ETF inflows disappoint, this is not the time to turn bearish as the macro environment will remain a tailwind in 2024, and the U.S. election cycle will see a constructive fiscal response that will lift asset prices higher,” Markus Thielen, head of research at 10X Research, wrote in an emailed report.

The biggest spike in Bitcoin value happened in 2021:

Bitcoin (BTC) price reached an all-time high in 2021, as values exceeded over 65,000 USD in November 2021. That particular price hike was connected to the launch of a Bitcoin ETF in the United States, whilst others in 2021 were due to events involving Tesla and Coinbase, respectively. Tesla’s announcement in March 2021 that it had acquired 1.5 billion U.S. dollars’ worth of the digital coin, for example, as well as the IPO of the U.S.’ biggest crypto exchange fueled mass interest.

Learn more about Bitcoin and other Cryptocurencies at this link: Invest in Cryptocurrencies

Tired of being poor? Looking to earn some extra money? Visit Invest in Cryptocurrencies right now.

Recommended Articles

Leave a Reply

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