Bitcoin rose above $59,000 as the rally continues ahead of the halving event

Posted: February 28, 2024 at 4:53 AM ET

The price of Bitcoin rose above $59,000 on Wednesday, touching levels not seen since late 2021 as the bullish trend for the top cryptocurrency continues.

Bitcoin BTCUSD was last up 3.7% to $59,142, off the session high of $59,482. The price of the cryptocurrency has fallen approximately 14.5% from the record high of $68,990 reached 27 months ago.

Up 40% so far this year, Bitcoin…

The price of Bitcoin rose above $59,000 on Wednesday, touching levels not seen since late 2021 as the bullish trend for the top cryptocurrency continues.

Bitcoin

Bitcoin against the dollar

In recent trading, it rose 3.7% to $59,142, just above the session high of $59,482. The price of the cryptocurrency has fallen approximately 14.5% from the record high of $68,990 reached 27 months ago.

Up 40% so far this year, bitcoin has been boosted by continued inflows into exchange-traded funds and hopes around the upcoming “halving event,” which is expected to happen in April. Previous halvings of cryptocurrencies have coincided with bulls.

The rise of cryptocurrencies once again boosted related stocks by cryptocurrency exchange Coinbase Global Inc.

currency

by more than 6% in pre-market trading and MicroStrategy Inc.

MSTR

,
One of the largest holders of publicly traded bitcoin, up 8%.

is reading: MicroStrategy shares were viewed as a “buy,” as Bitcoin halving is an emerging catalyst

Shares of cryptocurrency mining companies Marathon Digital Holdings Inc.

Mara

And riot control platforms company.

Riot control

Their shares rose 8% and 6%, respectively, in pre-market trading.

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“With whales and other major names piling money back into BTC ahead of the April halving event, bitcoin prices look likely to continue rising in the near term,” James Hart of multi-asset brokerage Tickmill Group said in a note to clients on Tuesday.

“The question is whether the rally will continue after the halving or will it be a case of buying the rumor and selling the news? With the dwindling supply of Bitcoin and recent approvals of ETFs fueling an increase in demand, there is a strong case for this rally to continue,” Hart said. year, with some commentators calling for reaching the $100,000 level by the end of the year.”

As CoinDesk previously reported, the Bitcoin Fear and Greed Index shifted into extreme greed territory on Tuesday, from just greed:

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