Bitcoin Price: US$62,432.10 (+4.70%)
Ethereum Price: US$ 3,383.10 (+4.34%)
United States spot Bitcoin exchange-traded funds (ETFs) have broken records, with $7.69 billion traded on Feb. 28, surpassing the previous record by over one and a half times. BlackRock’s iShares Bitcoin ETF (IBIT) led with $3.35 billion in volume, comprising 43.5% of the total, followed by Grayscale Bitcoin Trust (GBTC) with $1.86 billion and Fidelity Wise Origin Bitcoin Fund (FBTC) with $1.44 billion. Bloomberg analyst Eric Balchunas noted a doubling of the previous volume record by midday, with market makers attributing the surge to natural demand. Meanwhile, Bitcoin surged over 10% to $64,000 before retracing to around $62,000. In a separate development, Matrixport co-founder Daniel Yan warned of a market correction despite Bitcoin surpassing $60,000, citing potential macroeconomic factors. Additionally, Binance introduced a revamped VIP Invitation Program aimed at attracting high-volume traditional asset traders, highlighting the growing convergence between traditional and digital finance following the approval of spot Bitcoin ETFs in the United States.
Bitcoin surged past the $60,000 mark for the first time in over two years, reaching $60,001 on Binance at 1:11 pm UTC after a 6% increase in the preceding 24 hours. This milestone comes amid a 13% weekly and 37% monthly increase, with the last time Bitcoin traded above $60,000 being in November 2021. Market analysts attribute Bitcoin’s bullish momentum to the anticipation surrounding the upcoming halving event, historically associated with increased buying activity, although some caution about a potential “pre-halving retracement.” The surge follows record-breaking volumes in spot Bitcoin ETFs, with over $2 billion traded daily and significant new investments pouring into the market. In other news, Telegram announced the launch of its ad platform on the TON blockchain, offering channel owners in over 100 countries a share of ad revenue in Toncoin. Additionally, CoinGecko introduced a feature allowing access to on-chain data from decentralised exchanges via its API, further empowering the crypto community with market insights and data.
Bitcoin’s remarkable surge past the $59,000 mark on February 28 represents a significant milestone, as it inches closer to its previous all-time high of $68,789 and achieves unprecedented highs against numerous fiat currencies. This surge comes amidst growing concerns about inflation, highlighting Bitcoin’s potential as a hedge against depreciating fiat currencies. Market analysts attribute this bullish momentum to the anticipation surrounding the upcoming halving event, historically associated with increased buying activity and new bull cycles. The recent records set by Bitcoin against various currencies underscore its role as a global store of value and medium of exchange. Additionally, the United States Internal Revenue Service (IRS) has intensified its focus on digital assets, hiring two private-sector crypto tax experts to navigate the complexities of crypto taxation during the ongoing tax season. This move signifies the increasing importance of crypto assets in the broader financial landscape and the need for specialised expertise in regulatory compliance. Meanwhile, U.S. Senator Elizabeth Warren’s call for a level regulatory playing field for cryptocurrencies echoes broader discussions about regulatory clarity and investor protection in the digital asset space. Warren’s advocacy efforts also extend to the realm of artificial intelligence (AI), where she seeks to curb the dominance of Big Tech companies like Microsoft, Google, and Amazon in emerging AI technologies. This dual focus on crypto regulation and Big Tech oversight underscores the growing recognition of digital assets and AI as transformative forces in the global economy, prompting policymakers to address regulatory gaps and market concentration concerns proactively.
Source: https://cointelegraph.com
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