Highlights
Bitcoin (BTC) is rallying strong and has successfully hit an all-time high (ATH) in Euro.
Precisely, Bitcoin reached an ATH of €60,447 and £51,736 on the American cryptocurrency exchange Coinbase, marking new ATHs. It is worth noting that BTC is yet to surpass its ATH in the United States. In November 2021, the coin reached a market value of over $69,000 on Coinbase.
Within the last 24 hours, the flagship digital asset has registered more than a 6% increase and at press time, it was trading at $66,190.83.
The surge in Bitcoin price is driven by several events including the growth in the spot Bitcoin ETF market. Only BlackRock’s IBIT has registered up to $7.8 billion in inflows, followed by Fidelity’s FBTC with $4.8 billion in inflows.
February turned out to be the month with the longest green candle in Bitcoin’s history. Beyond its price, BTC’s market capitalization has jumped in tandem, now reaching $1.244 trillion. This growth further attenuates its position as Bitcoin dominates the digital asset ecosystem.
Investors’ interest and activities in the Bitcoin market have also increased significantly, a position that is clearly expressed in the trading volume of the coin which also soared by 65.6% to reach $34.75 billion. Buyers seem not to be in losses anymore as the number of addresses in profit has hit almost 100% at 51.94 million
Only about two weeks ago, the volume of BTC addresses in profit had only topped 90%, underscoring the rapid rally in the coin’s metrics.
The dollar index of the coin showed a positive momentum from last week. Notably, the dollar index is a key indicator that tests the strength or relative value of the U.S. currency against six major rivals. A rise in the index is indicative of the dollar’s strength against the other top currencies and vice versa. In January and February, the index cumulatively gained 2.7%.
A recently published statement from Grayscale reiterated the steady decline in U.S. inflation since the year started. To this end, analysts from the popular spot Bitcoin ETF issuer released a cautionary note, warning about the adverse effect of inflation on higher interest rates and consequently, on crypto.
For context, growing inflation would decrease the likelihood of interest rate cuts by the U.S. Federal Reserve, a scenario that could dampen the prospects for further crypto accumulation and valuation increases as traditional investment instruments will be fairly attractive with limited risks.
Cyber Hornet has filed with the U.S. Securities and Exchange Commission (SEC) to launch a…
Tether Holdings is preparing for one of its biggest funding rounds, with two global investors…
Kraken raised $500 million, increasing its valuation to $15 billion, setting the stage for a…
Crypto exchange Bybit has announced its listing of Ripple's RLUSD amid the stablecoin's growing adoption.…
The world's largest interbank messaging network SWIFT has selected Ethereum layer 2 platform Linea to…
The August U.S. PCE inflation data has dropped in line with expectations, although it suggests…