3/5/2024

Bitcoin soared above $68 thousand

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Key points:

  • Bitcoin is approaching the record high reached on November 10, 2021.
  • Since the beginning of 2024, Bitcoin has grown by 50%.
  • Regulators (SEC) are still cautious regarding Ethereum ETFs.

On March 4, 2024, the Bitcoin rate reached a two-year high, surpassing $68,000. This value approached the record level of the cryptocurrency set in November 2021.

During the trading session on March 4, the price of Bitcoin reached a peak of $68,580. At the time of publication of this text, it is $68,161.

It is worth noting that the all-time high for Bitcoin was set on November 10, 2021 and amounted to $68,999.99. Thus, the current Bitcoin rate is only a few hundred dollars away from its historical high.

What’s happening to the largest cryptocurrency

Since the beginning of 2024, the price of Bitcoin, the largest cryptocurrency by market capitalization, has increased by 50%. Notably, much of this growth has occurred in the past few weeks.

One of the key factors driving the growth is the surge in inflows into US-listed Bitcoin exchange-traded funds (ETFs).

Bitcoin spot ETFs have been approved for issuance in the US in early 2024. This event opened up access to cryptocurrency for new large investors, which in turn led to renewed enthusiasm and momentum in the market, reminiscent of the period of record levels in 2021.

According to LSEG data, in the week leading up to March 1, net inflows into the 10 largest US Bitcoin spot funds reached $2.17 billion, with more than half of this amount ($1.12 billion) flowing into the iShares Bitcoin Trust, managed by BlackRock.

Ethereum also rises on hopes of an ETF

The second-largest cryptocurrency by market capitalization, Ethereum, is also growing. It is due to speculation about the imminent creation of exchange-traded funds (ETFs) based on Ethereum. Since the beginning of 2024, Ethereum has grown by 50%. It hit a two-year high on March 4, rising 2.6% on the day to $3,518.

However, from a practical point of view, the situation is not so clear-cut. The US Securities and Exchange Commission (SEC) has once again delayed a decision on BlackRock’s application to create a spot ETF on Ethereum. BlackRock filed to register the iShares Ethereum Trust in November 2023. If approved by the SEC, the fund will be listed on the Nasdaq exchange.

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