On March 11th Beijing time, Bitcoin experienced another "surge". During trading, the price of Bitcoin broke through $71000, setting a new historical high. As of 20:00, Bitcoin's latest quote was $71530, a 2.7% increase for the day. In the past month, Bitcoin has experienced a wave of upward trend, reaching historic highs several times. Looking ahead, Bitcoin set a record of $68999.99 per coin in November 2021. Since February 28th, within half a month, Bitcoin has successively broken through the $60000 and $67000 thresholds, and on the evening of March 5th, it broke through $69000, setting a new historical high for the first time. On the evening of March 8th, Bitcoin broke through $70000 during trading. What factors are driving Bitcoin's craziness as it sets records three times within a week? The market generally believes that halving is an important factor driving up the price of Bitcoin. "Half reduction" refers to the reduction of rewards obtained after producing new blocks, which occurs approximately every four years and will reduce the supply of Bitcoin. The new round of "halving" will occur in April, and it is expected that on April 23rd, the block rewards will decrease from 6.25 (BTC) to 3.125 (BTC). Another key is the issuance of Bitcoin ETFs. On January 11th, the US Securities and Exchange Commission officially approved the listing and trading of Bitcoin ETFs, with a trading volume of $4.6 billion on the first day. This marked the beginning of a surge in cryptocurrency trading prices, including Bitcoin. "The approval of the US Securities Regulatory Commission's Bitcoin spot ETF is undoubtedly a major milestone, opening the door to digital assets for investors in the traditional financial system, bringing huge capital inflows and boosting market confidence." Yu Jianing, Co Chairman of the Blockchain Committee of the China Communications Industry Association and Honorary Chairman of the Hong Kong Blockchain Association, told Beijing Business Daily reporters. According to BitMEX Research data, as of March 8th, BlackRock IBIT holds 197943 Bitcoins worth over $13.5 billion. Yu Jianing pointed out that institutional investors usually adopt long-term investment strategies, and their participation reduces market volatility and improves market stability. The increase in institutional demand also indicates that more and more professional investors are beginning to recognize the value of Bitcoin in asset allocation, especially in the current economic environment where investors are seeking assets to hedge against inflation and currency depreciation risks. At present, a continuous stream of funds is pouring into Bitcoin spot ETFs issued by heavyweight investment companies such as BlackRock and Fidelity Investment. Overall, in less than two months, a net inflow of nearly $8 billion and the halving of Bitcoin have both ignited bullish sentiment in the market. It is worth noting that on March 11th, the market value of Bitcoin has risen to $1.398 trillion, surpassing silver's $1.379 trillion market value and becoming the eighth largest asset in the world by market value. In addition, Ethereum has also surpassed the $4000 mark, marking the first time since December 2021, with a cumulative increase of over 70% over the year. This news has further stimulated the market's recognition and optimistic attitude towards cryptocurrencies. Bitcoin's rise to the position of the world's eighth largest asset signifies its investment and value storage
Edit： Responsible editor：
Source：
Special statement: if the pictures and texts reproduced or quoted on this site infringe your legitimate rights and interests, please contact this site, and this site will correct and delete them in time. For copyright issues and website cooperation, please contact through outlook new era email：lwxsd@liaowanghn.com
Economy
Recommended Reading Change it 
Home
