Bitcoin reached $54,900 when BlackRock’s IBIT traded $1B
Bitcoin hit $54,900 for the first time since 2021 as shares of BlackRock's IBIT traded $1 billion.
BTC price surges amid halving predictions.
Bitcoin is seeing a pre-halving crash as its price has jumped above $54,900 for the first time since November 2021.
On crypto exchange Coinbase, the price of Bitcoin reached $54,980. A gain of more than 6% pushed the benchmark cryptocurrency's market cap above $1.06 trillion.
BTC Breaks Above $54k As IBIT Sells $1 Billion Of ETF Shares
In the ETF market, BlackRock's iShares Bitcoin Trust ($IBIT) is trading at more than $1 billion, and analysts are saying the momentum is set for further gains in the price of BTC. A Bloomberg ETF analyst shared that the performance has a $IBIT 11 rating.Th Among all ETFs.
“MILESTONE $IBIT traded $1b shares today. Crazy number for a newbie ETF (esp one w ten competitors). $1b/day is big boy level volume, enough for (even big) institutional speculation,” Balchunas posted on X.
According to entrepreneur and investor Anthony Pompliano, “Bitcoin is a runaway train with no brakes as long as the network is ingesting the bitcoins produced.
Bitcoin is a runaway train with no brakes until it enters the Bitcoin ETF produced by the network.
The game has changed.
Keep your head spinning right there.
— Pomp 🌪 (@APompliano) February 26, 2024
As Bitcoin halves, this will halve BTC mining, creating a supply shock that could crash the price of BTC to a value few predicted a few years ago.
With Bitcoin's count halved from 52 days, Monday's BTC performance has market noise.
Earlier in the day, the price of Bitcoin fell over $53k after Microstrategy announced that it had acquired an additional 3,000 BTC. The fresh purchase of $155 million brought the company's bitcoin portfolio to 193,000 BTC.
Michael Saylor said the company bought an average of $51,813 worth of bitcoin.
Bitcoin traded at $54,331 on Monday at 3:30 p.m. The benchmark crypto could break above $55,000 to eye $60,000 before halving.
