2024-02-28 15:35:01
(New York = Yonhap Infomax) Correspondent Youngsook Yoon = Bitcoin price exceeded $59,000 in the global market.
Bitcoin[연합뉴스 자료사진]
According to Yonhap Infomax (screen number 2521 cryptocurrency current price) on the 28th (Eastern US time), as of 8:21 am, the price of Bitcoin is recording $59,985.00, up 5.1% from 24 hours ago based on Coinbase.
The price of Bitcoin is showing a steep rise, rising by regarding 18% this week alone.
Currently, Bitcoin is regarding 14.5% off its all-time high of $68,990.
The price of Bitcoin continues to rise due to continued inflow of funds into related ETFs following the approval of the Bitcoin Spot Exchange Traded Fund (ETF) and expectations for an increase ahead of the Bitcoin halving scheduled for April.
This is because the price of Bitcoin has been on the rise following the so-called halving, in which mining volume is reduced by half every four years. “Bitcoin prices are likely to continue to rise in the near term as large investors and major institutions invest in Bitcoin ahead of the April halving,” James Harte of Tick Mill Group told MarketWatch.
He said, “The key is whether the rally will continue following the halving or whether there will be a situation of buying on rumors and selling on the news,” he said. “As the supply of Bitcoin is decreasing and the recent approval of ETFs is encouraging increased demand, like the forecast of $100,000 at the end of the year put forward by some. “The rally is likely to continue this year,” he said.
As the price of Bitcoin rises, related stocks are also rising.
Shares of Coinbase Global (NAS:COIN), MicroStrategy (NAS:MSTR), and Marathon Digital Holdings (NAS:MARA) are all up more than 5% in pre-market trading.
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This article was published on the Infomax financial information terminal at 22:34, two hours earlier.
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