Bitcoin rises to 45,000 USD
After it was quiet on the crypto market for a while and the Bitcoin price hovered around the 43,000 USD mark for a long time, things are now clearly looking up again. In the last few hours the 45,000 USD mark was exceeded. The reasons for the increase are varied. The halving is also getting closer and closer, for which private and institutional investors are now likely to position themselves. The chance that the price will rise to over 50,000 USD by then has increased significantly in the last two days.
ETFs provide optimism
Since the selling pressure from GBTC – the Spot BTC ETF from Grayscale – has become less day by day, the purchases of the other ETF issuers have of course had an even greater impact on the price. Every day, Fidelity, BlackRock and Co. buy BTC worth hundreds of millions of dollars.
— Lookonchain (@lookonchain) February 8, 2024
Today, almost three times as much BTC was purchased through exchange-traded funds as Grayscale sold. BlackRock and Fidelity now own more than $6.5 billion worth of BTC. In addition, Fidelity has now added Bitcoin to its “All in one conservative” ETF with a weighting of 1%.
— Bitcoin Magazine (@BitcoinMagazine) February 7, 2024
Tick-Tock goes the clock ⏰
— OKX (@okx) February 8, 2024
The signs are good that this time too it will be enough to push the BTC price to a new all-time high. Numerous experts have now made price forecasts for digital gold that are well over $100,000. Bullish estimates suggest price targets of more than 500,000 USD by the end of next year. In addition to ETFs and the halving, early interest rate cuts by central banks could also contribute to this.
All in all, it currently looks as if golden times are ahead for the crypto market.