Bitcoin hits $54,900 for first time since 2021 as BlackRock’s IBIT trades $1 billion shares.
BTC price is rising amid analyst predictions for a halving explosion.
Bitcoin is eyeing a pre-halving breakout as its price jumped above $54,900 for the first time since early December 2021.
On crypto exchange Coinbase, Bitcoin price reached highs of $54,980. The more than 6% gains pushed the benchmark cryptocurrency’s market cap to over $1.06 trillion.
BTC breaks above $54k as IBIT trades $1 billion ETF shares
In the ETF market, BlackRock’s iShares Bitcoin Trust ($IBIT) traded over $1 billion and analysts are saying the momentum is set to fuel further gains for BTC price. Bloomberg ETF analyst shared that the performance ranked $IBIT 11th amongst all ETFs.
“MILESTONE $IBIT has traded $1b worth of shares today so far.. which ranks it 11th among all ETFs (Top 0.3%) and Top 25 among stocks. Insane number for newbie ETF (esp one w ten competitors). $1b/day is big boy level volume, enough for (even big) institutional consideration,” Balchunas posted on X.
According to entrepreneur and investor Anthony Pompliano, “Bitcoin is a runaway train with no brakes for as long as ETF inflows dwarf the bitcoin produced by the network.”
Bitcoin is a runaway train with no brakes for as long as ETF inflows dwarf the bitcoin produced by the network.
The game has changed.
Keep your head on a swivel out there.
— Pomp 🌪 (@APompliano) February 26, 2024
With the Bitcoin halving coming up, this number of BTC mined will be halved, creating a supply shock that could catapult BTC price to prices very few imagined a few years back.
With the countdown to Bitcoin halving roughly 52 days out, the breakout performance for BTC on Monday has the market buzzing.
Earlier in the day, Bitcoin price broke above $53k as MicroStrategy announced it had acquired an additional 3,000 BTC. Purchased for $155 million, the fresh buy saw the company’s Bitcoin portfolio hit 193,000 BTC.
Michael Saylor revealed that the company bought bitcoin at the average price of $51,813.
Bitcoin traded around $54,331 at 3.30 pm ET on Monday.
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