Bitcoin Surges Past $57,000 Mark, Hitting New Milestones in Major Rally
Bitcoin Reaches $57,000, the Highest Price Since November 2021
On the heels of significant gains in the U.S. market on Monday, the price of bitcoin (BTC) skyrocketed further during the early hours of Tuesday morning in Asia, surpassing several key round number milestones. Notably, bitcoin crossed the $57,000 mark, a threshold it had not breached since November 2021.
Bitcoin Pulls Back Slightly, But Holds Strong Gains
As of press time, bitcoin had experienced a minor retreat, settling around $56,500. Despite this slight dip, the cryptocurrency remained more than 9% higher over the past 24 hours. In parallel, the CoinDesk 20 Index (CD20)—a broader indicator of the bitcoin market—reinforced this bullish sentiment, showcasing an 8.9% gain over the same time frame.
Bitcoin Initiates Rally with Impressive Surges
The impressive rally of bitcoin commenced during the U.S. morning session on Monday, as the cryptocurrency breached the $53,000 level—breaking through a threshold not seen since November 2021. Throughout the day, the price continued to climb, surpassing $54,000. However, it was during the U.S. evening and early Asia morning when the market witnessed heightened activity. Bitcoin surpassed $55,000, $56,000, and $57,000 in a matter of minutes, affirming the bullish momentum.
Spot Bitcoin ETFs Experience Extraordinary Trading Volume
Bitcoin’s upward surge fuelled substantial activity within the U.S.-based spot bitcoin ETFs. On Monday, these entities—excluding Grayscale’s GBTC—achieved a record-high trading volume of $2.4 billion, according to a Bloomberg report. This influx of trading volume underscores the increasing interest and participation of investors in the bitcoin market.
GBTC Registers a Remarkably Low Outflow of Bitcoin
To further exemplify the market’s positive sentiment towards bitcoin, GBTC—the popular investment fund—reported its smallest one-day outflow of bitcoin since the spot ETFs’ introduction on January 11. Only 921 tokens were divested, highlighting investors’ confidence in holding onto their bitcoin assets amidst the ongoing rally.
