{"id":10793,"date":"2024-03-05T07:51:55","date_gmt":"2024-03-05T02:21:55","guid":{"rendered":"https:\/\/bigbreakingwire.in\/bitcoin-sees-6-drop-to-60400-after-hitting-64000-high-bitcoin-etfs-surpass-record-with-7-5-billion-trading-volume\/"},"modified":"2024-03-05T07:52:00","modified_gmt":"2024-03-05T02:22:00","slug":"bitcoin-sees-6-drop-to-60400-after-hitting-64000-high-bitcoin-etfs-surpass-record-with-7-5-billion-trading-volume","status":"publish","type":"post","link":"https:\/\/bigbreakingwire.in\/bitcoin-sees-6-drop-to-60400-after-hitting-64000-high-bitcoin-etfs-surpass-record-with-7-5-billion-trading-volume\/","title":{"rendered":"Bitcoin ETFs Surpass Record with $7.5 Billion Trading Volume"},"content":{"rendered":"
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Bitcoin ($BTC) has exceeded the $68,100 mark, surpassing last week’s high and currently positioned approximately 5% below its record-setting all-time high established in November 2021.<\/p>\n\n\n\n

Bitcoin shorts worth $105 million were liquidated in the last 24 hours. BlackRock has submitted filings to acquire Bitcoin ETFs for its Strategic Income Opportunities Fund. MicroStrategy, led by Michael Saylor, plans to raise $600 million for additional Bitcoin purchases.

Between 10:30 AM ET and 1:30 PM ET, Bitcoin’s value plummeted by almost $90 billion, distinct from previous declines not linked to a Coinbase outage.

Despite being less than 9% away from a new all-time high earlier today, a sudden reversal led to a rapid dip below $60,000.

These reversals are likely influenced by both liquidity dynamics and profit-taking, considering Bitcoin’s nearly 300% surge from its 2022 low.

With many anticipating new all-time highs, the market remains dynamic and responsive to various factors.<\/p>\n\n\n\n

Yesterday marked a historic milestone for Bitcoin Exchange-Traded Funds (ETFs), witnessing an unprecedented surge in total trading volume to $7.5 billion, a remarkable 2.5-fold increase from the previous record of $3 billion. Leading this surge is BlackRock, dominating with a substantial $3.3 billion in trading volume (BlackRock now holds 151,536 bitcoins, amounting to over $9.46 billion in their spot Bitcoin ETF), alongside notable contributions from Grayscale, Fidelity, ARK Invest, Bitwise, Invesco, WisdomTree, VanEck, Franklin, and Valkyrie ETFs.<\/p>\n\n\n\n

Yesterday Inflows<\/strong><\/p>\n\n\n\n

1. BlackRock ETF: $3.3 billion
2. Grayscale ETF: $1.8 billion
3. Fidelity ETF: $1.4 billion
4. ARK Invest ETF: $425 million
5. Bitwise ETF: $252 million
6. Invesco ETF: $162 million
7. WisdomTree ETF: $59 million
8. VanEck ETF: $52 million
9. Franklin ETF: $32 million
10. Valkyrie ETF: $15 million

Bitcoin itself is on a noteworthy trajectory, boasting a 290% increase from its recent low and standing just 15% away from a new all-time high. Despite initial outflows post-approval, Bitcoin ETFs are making a comeback, signaling growing investor interest and hinting at potential new all-time highs.

Renowned investor Mike Novogratz anticipates a bullish future for Bitcoin, predicting a surge within the next year. Novogratz underscores Bitcoin’s role in attracting a “new army of buyers” and acknowledges the potential for corrections, suggesting a dip to the mid-$50,000 range. His positive outlook aligns with a broader market sentiment, emphasizing Bitcoin’s continued appeal to investors.<\/p>\n\n\n\n

JPMorgan analysts caution that despite Bitcoin’s recent surge, the upcoming halving may lead to a more than 30% downturn. Following the halving, they anticipate a consolidation in the Bitcoin mining sector, potentially resulting in a 20% decline in the network’s computational power. JPMorgan strategists suggest that the current average production cost of Bitcoin, at $26,500, could theoretically double to $53,000 post-halving. This, coupled with a lower support level, might see Bitcoin’s price retreat to around $42,000 after the April halving, marking a significant drop from the current value of approximately $62,000.<\/p>\n\n\n\n

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Coinbase Crash Amid Bitcoin Surge: Reassurances, Investigations, and Rapid Fluctuations Unfold<\/a><\/blockquote>