2024-03-06 13:28:22
After the record historical level it reached at $69,000, Bitcoin witnessed one of the most violent fluctuations in its history during the past 24 hours, amid price fluctuations that ranged between $61,000 and $69,000.
The market value of the largest cryptocurrency in the world reached the level of $1.35 trillion during Tuesday’s trading, then Wednesday’s trading began with a loss of approximately $50 billion, while the combined market value of cryptocurrencies approached $2.5 trillion.
Bitcoin volatility
From levels exceeding $68,000 in early trading at six in the morning, Bitcoin prices fluctuated violently on Tuesday, until it reached $61,000 in the late hours of Tuesday, but it recovered its gains during Wednesday’s trading to record $66,700 at the moment the report was prepared, bringing its gains since The beginning of this year to 59 percent.
For its part, Ethereum touched $3,830, recording its highest levels since the end of 2021, and its gains have now matched 67.6 percent since the beginning of this year.
As for the Binance platform’s BNP currency, it rose by 2.5 percent during today’s trading to reach $431 at the time of preparing the report.
It is noteworthy that the BP currency is still in an upward wave for the second week in a row, bringing its market value to the level of $3.3 billion, which is the highest ever in its history.
Billions of dollars flowed
Lenix Lai, global chief commercial officer at Bitcoin Bank, told Reuters that billions of dollars have flowed into ETFs in the past few weeks, and that the market has received additional support from expectations that include an upgrade in Ethereum and a “halving of the value of Bitcoin,” which… Slows down Bitcoin mining flow.
This came amid news that Micro Strategy had increased its stock of bonds by $600 million, following purchasing regarding $150 million of the world’s largest currency last week.
It is also noteworthy that financial markets expert Amr Zakaria predicted, in an exclusive interview with CNN Economic, that tens of trillions of dollars would be pumped from Bitcoin trading funds such as Fidelity and BlackRock in the near future.
It is worth noting that the US Securities and Exchange Commission issued approval for 11 Bitcoin exchange-traded funds in late January, a decision that marked a watershed moment for the industry, following an 18-month crypto winter that was plagued by a series of high-profile corporate bankruptcies and scandals such as F.T. X, Terra and others.
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