Bitcoin Surges Past $57,000 Mark, Registers Significant Gains

.. By Nathan Daniels

February 28, 2024

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Strong Momentum Continues

Following substantial gains in the U.S. trading session on Monday, Bitcoin (BTC) continued its upward trajectory during early Tuesday morning Asia hours, breaking through several key round number milestones. Notably, the price surged above $57,000 for the first time since November 2021.

Price Movement

At the time of reporting, Bitcoin had retraced slightly to $56,500, still maintaining an impressive gain of more than 9% over the past 24 hours. The broader CoinDesk 20 Index (CD20) also showed significant gains, rising by 8.9% over the same period.

Rally Initiation

The rally commenced during the U.S. morning hours on Monday when Bitcoin breached the $53,000 mark, marking its first foray into this territory since November 2021. Subsequently, the price continued its ascent, surpassing $54,000 later in the day. Notably, during the U.S. evening and early Asia morning, Bitcoin witnessed intense activity, swiftly surpassing the $55,000, $56,000, and $57,000 levels in a matter of minutes.

Market Activity and ETF Performance

The bullish movement in Bitcoin prompted significant activity in U.S.-based spot Bitcoin ETFs, with the group, excluding Grayscale’s GBTC, recording a record-high trading volume of $2.4 billion on Monday, according to Bloomberg. Notably, Grayscale’s GBTC observed its smallest one-day outflow of Bitcoin since the launch of spot ETFs on Jan. 11, shedding just 921 tokens.

Implications and Outlook

The remarkable surge in Bitcoin’s price and the robust trading activity in spot ETFs indicate a renewed investor interest in the cryptocurrency market. As Bitcoin surpasses key resistance levels, investors are closely monitoring its price movement and assessing potential opportunities for further gains.