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The cost of Bitcoin has surpassed $69,000, marking a new all-time high (ATH) for the leading cryptocurrency. The previous historical high was reached on November 10, 2021, and the recent price recovery underscores the growing interest among investors and confidence in Bitcoin as the leading digital asset.
Market analysts attribute this impressive growth to significant buying activity triggered by the launch of new spot Bitcoin ETFs in the United States, highlighting a turning point in the dynamics of the cryptocurrency market.
The introduction of spot BTC ETFs in the U.S. on January 11 became a key factor driving outstanding cryptocurrency price dynamics. Opening at around $45,000, BTC experienced initial volatility, dropping to the $39,000 range, a market reaction known as "selling the news."
However, the digital currency quickly gained momentum, rising above $50,000 by mid-February. This rally was not a temporary spike; after a consolidation period around $51,000, the price of Bitcoin surged again, firmly establishing a new peak.
At this historical moment, Bitcoin surpassed its previous record, reaching an all-time high of over $69,000. This surpasses the peak reached in November 2021, marking a significant milestone in cryptocurrency development.
The new ATH signifies a growing market capitalization for Bitcoin, which currently exceeds $1.35 trillion – a figure equal to the global value of silver.
Interestingly, Tuesday's rally appears to be linked to the opening of the U.S. stock market, a trend potentially influenced by the increasing role of ETFs in Bitcoin's daily trading volume.
This record applies not only to the U.S. dollar. Bitcoin has already reached record highs against various other currencies, including the Australian dollar, Canadian dollar, euro, and British pound.
Although Tuesday's rally led to liquidations exceeding $536 million, with more than half accounting for short positions, it signifies a decisive shift. This new high disrupts the historical norm, where Bitcoin typically reached new peaks after halving events, which halve the rate of new coin creation. The next halving is expected in April 2024.
Whether this will mark the beginning of a sustainable upward trend for Bitcoin is still unknown, but one thing is certain: the world's most popular cryptocurrency has once again etched its name in financial history.
On Tuesday evening, MicroStrategy (MSTR) announced plans to raise $600 million by selling convertible debt securities through a private placement, with the intention of using the funds to purchase more BTC.
The company, led by its founder and former CEO, now Executive Chairman Michael Saylor, has been an avid accumulator of Bitcoin since mid-2020. As of the latest check, MicroStrategy held 193,000 tokens valued at over $13 billion at the current price of $67,500.
"MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes," the company's press release stated.
By issuing convertible notes, MicroStrategy took advantage of a sharp increase in its stock price: in 2024, the shares almost doubled, including a 24% increase in yesterday's market movement. MSTR declined by 6% at the beginning of trading on Tuesday.
The recent Bitcoin rally now raises the question of where the next targets for growth are. Samson Mow, CEO of Jan3 and an active cryptocurrency advocate, recently commented on Bitcoin's rise above $68,000. Mow's company focuses on promoting the adoption of Bitcoin by national governments, with Mow playing a crucial role in Bitcoin becoming legal tender in El Salvador in 2021.
Mow believes that the price of Bitcoin could indeed rise. He is known for his belief that the leading cryptocurrency could eventually reach $1 million, citing factors such as the U.S. government's excessive money printing and growing national debt.
At this optimistic stage, Mow is more self-assured and believes that the ambitious goal for Bitcoin – $1 million – will come to fruition. He argues this based on real facts from the chart: the path of Bitcoin to $1 million may include what he calls "omega" and "god" candles on the daily chart.
The "god" candle signifies a $10,000 increase in the price of Bitcoin, while the "omega" candle denotes a $100,000 price increase. He speculates that the "god" candle will precede the "omega" candle, leading Bitcoin to the one-million-dollar mark.
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