With a bunch of money pouring in, it was worth $64,000 at one point. “It may rise further when ETFs are additionally listed.” It has surpassed the previous high on domestic flights, and some are wary of “excessive upward rally.”
Bitcoin prices are displayed at the Upbit Lounge in Gangnam-gu, Seoul on the 29th. On this day, Bitcoin was traded at an all-time high of 90 million won in the Upbit Korean Won market, thanks to a buying trend through spot exchange traded funds (ETFs). News 1
Bitcoin, the leading cryptocurrency, soared to $64,000 at one point, getting close to its previous high. As a lot of money is pouring into the Bitcoin spot exchange traded fund (ETF), it is showing a sharp upward rally. In terms of won, it has already surpassed the previous high of 83 million won and touched the 90 million won level.
According to CoinDesk, a U.S. virtual asset media outlet, on the 28th of last month (local time), the price of Bitcoin soared to $64,037 (about 85.4 million won) per piece. There is speculation that a new all-time high of $68,982 will not be far away. Bitcoin price rose more than 40% in February alone. According to Reuters, the monthly increase rate reached the highest since December 2020.
The won market on the domestic virtual asset exchange has already surpassed the previous high of 83 million won. This is due to the rise in the won-dollar exchange rate (the value of the won fell) due to the strong dollar. On Upbit, Bitcoin hit an all-time high of 90 million won at 3:47 p.m. on this day. Bithumb also reached a new high, rising to 89.7 million won.
Experts analyzed that the Bitcoin spot ETF is leading the recent Bitcoin bull market. On January 11, a total of 11 spot ETFs were listed on the New York Stock Exchange, including ‘iShares Bitcoin Trust (IBIT)’ of BlackRock, the world’s No. 1 asset management company. The price temporarily stagnated as profits were sold in the initial stages of listing, but since then, large-scale investment funds have been flowing in, pushing up the price of Bitcoin. According to Bloomberg, more than $7 billion of funds have flowed in just a month and a half since the launch of the Bitcoin spot ETF.
It has been found that the trading volume of spot ETFs has also been rapidly increasing recently. According to the U.S. CNBC broadcast, more than 96 million shares of IBIT were traded on this day. This figure is more than double the 43 million shares recorded the previous day. The trading volume of ‘Wise Origin Bitcoin Fund (FBTC)’, the U.S. Fidelity spot ETF, also hit a new record at 27 million shares.
There are also predictions that the upward rally will continue if additional Bitcoin spot ETFs are listed. Stephane Ouellet, CEO of virtual currency platform FRNT Financial, said, “There is an estimate that less than 20% of investment advisors have been approved for Bitcoin spot ETFs,” adding, “There is a possibility of additional approvals over the next year.” said.
The approaching halving (a period when Bitcoin issuance is reduced by half) scheduled for April this year is also fueling expectations of a price increase. Even during past halvings, the price of Bitcoin rose at least several to several tens of times.
However, some point out that Bitcoin’s recent price rally is excessive. Expectations for the halving have already been reflected in the market price, and approval for additional spot ETF listings is also unclear. There is also an analysis that the FOMO phenomenon, which means ‘I may be the only one left out in a rising market’, is also encouraging the Bitcoin price rally. Kim Gap-rae, a senior researcher at the Korea Capital Market Institute, said, “It is difficult to invest intensively in Bitcoin due to the FOMO phenomenon while the price outlook for Bitcoin is mixed.” “We need an investment strategy to prepare for when investment avoidance occurs,” he said.
Reporter Lee Dong-hoon [email protected]
2024-02-29 16:40:00
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