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Bitcoin hits $64,000 milestone 🚀🌟, marking highest peak since Nov 2021

Bitcoin hits $64,000 milestone 🚀🌟, marking highest peak since Nov 2021

Bitcoin Hits New Highs Amidst Market Volatility 📈

Bitcoin has continued its upward trend, reaching above $63,000 for the first time since November 2021. The flagship cryptocurrency’s price surged nearly 6% to $60,356.75, with a brief touch of $64,000 before a slight dip. It currently sits just below its all-time high of $68,982.20.

Market Whipsawing Bulls and Bears 🐃🐻

  • Traders experienced sharp price movements causing over $176 million in short liquidations and $86.1 million in long liquidations on centralized exchanges in the past 24 hours.
  • When traders use leverage to short bitcoin and the price rises, they buy back bitcoin to close positions, driving prices up and leading to more liquidations.

Rallying Towards All-Time Highs 🚀

  • Bitcoin has surged nearly 20% this week and over 40% for the year 2024.
  • Antoni Trenchev from Nexo predicts resistance near $69,000 but believes breaking through $60,000 will attract investors who have been on the sidelines.
  • JPMorgan notes increased interest from retail investors in crypto after a January pause.

Institutional Interest and Supply Dynamics ⚖️

  • The launch of ETFs has made bitcoin more accessible to institutional investors, with expectations of setting new records this year.
  • The upcoming halving event in April is anticipated to lead to a major rally, as historical data suggests.
  • Demand for bitcoin is outstripping supply, with new U.S. spot bitcoin ETFs attracting significant daily inflows compared to daily production.

The Impact of Halving Events 🔗

  • The Bitcoin code mandates halving events to reduce mining rewards by half and limit supply growth.
  • The next halving event is scheduled for April, which could further tighten supply dynamics.

Market Response and Bitcoin-Related Equities 💼

  • Bitcoin’s surge initially boosted related equities like Microstrategy (+10.5%) and Marathon Digital (+2.4%), before retracing some gains.
  • Crypto exchange Coinbase experienced user-reported balance errors but closed higher by 0.8% despite issues buying and selling.

Hot Take: Embrace the Volatility and Ride the Bitcoin Wave! 🌊🚀

With Bitcoin hitting new highs amidst market turbulence, now is the time to stay informed, brace for volatility, and capitalize on the crypto wave. Whether you’re a seasoned investor or new to the game, navigating these price swings can lead to significant opportunities. Keep an eye on market trends, upcoming events like halving, and institutional interest to make informed decisions in the ever-evolving world of cryptocurrency!

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This content is aimed at sharing knowledge, it's not a direct proposal to transact, nor a prompt to engage in offers. Lolacoin.org doesn't provide expert advice regarding finance, tax, or legal matters. Caveat emptor applies when you utilize any products, services, or materials described in this post. In every interpretation of the law, either directly or by virtue of any negligence, neither our team nor the poster bears responsibility for any detriment or loss resulting. Dive into the details on Critical Disclaimers and Risk Disclosures.

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Bitcoin hits $64,000 milestone 🚀🌟, marking highest peak since Nov 2021