Bitcoin has surged 14% in the past week, climbing from $63,814.08 on March 6, 2024, to an impressive $72,738.19 by March 12, 2024.
Bitcoin Market Key Data Points Analyzed
The past week has seen a notable surge in Bitcoin’s price. Below is a summary of Bitcoin’s daily price changes and key statistics over the past 7 days:
- The price of Bitcoin has seen a significant increase, peaking at $72,738.19 on March 12, 2024.
- The 7-day change peaked at 11.82% on March 6, 2024, indicating a strong bullish trend.
- The 30-day change has been consistently high, showcasing a strong month-long performance.
- Volume spiked notably on March 6, 2024, suggesting increased trading activity during the start of the surge.
News that influenced Bitcoin price last week
The surge in Bitcoin’s price over the past week can be attributed to a combination of factors, including positive market sentiment, institutional adoption, and significant news events. The White House’s optimistic forecast for Bitcoin and regulatory advancements in countries like Thailand have likely contributed to the bullish trend. Additionally, the slowdown in the growth of new Bitcoin millionaires suggests that while the market continues to grow, it may be stabilizing and maturing, which could attract more institutional investors looking for stability in the crypto space.
- White House (actually Pierre Rochard) Forecasts Bitcoin Surge To $250,000: Pierre Rochard of Riot Platforms highlighted the US government’s positive stance on Bitcoin, potentially influencing the market. He tweeted: “Biden’s 2025 budget is very bullish on #Bitcoin , the White House expects $250k by 2035”. This was his own projection based on the newly released budget of the US government for fiscal year 2025.
- Bitcoin to debut on London Stock Exchange: On March 11, the London Stock Exchange said that it will soon accept applications for ETNs (exchange-traded notes) backed by Bitcoin and Ether, providing professional investors another route into the crypto market. The notes must be non-leveraged, backed by at least 90% of the underlying assets held offline, and comply with anti-money laundering regulations. Despite this, the Financial Conduct Authority maintains a ban on offering such instruments to retail investors due to perceived risks.
- According to Jyotsna Hirdyani, South Asia Head at Bitget, “The BTC price surge to a new all-time high (ATH) following a sluggish weekend can be attributed to the announcement of the London Stock Exchange’s decision to accept applications for Bitcoin and Ethereum exchange-traded notes (ETNs).”
- Bitcoin Millionaires’ Growth Slows During Bull Run: Despite the bull run, the growth of new Bitcoin millionaires has slowed, indicating a maturing market.
- Thailand Greenlights U.S. Spot Bitcoin ETF Investments: Thailand’s SEC permits institutional investors and high-net-worth individuals to invest in U.S. spot bitcoin ETFs, a shift from previous restrictions, with potential extension to individual investors in the future.
- Huge Bitcoin ETF Inflow: Despite Grayscale’s huge outflows, the market has seen over $9 billion inflows into other spot Bitcoin ETFs.
- Bitcoin Mining Profits Hit New Highs: A surge in Bitcoin prices has significantly increased miners’ daily income, reaching new highs. This highlights the volatile yet potentially lucrative nature of the cryptocurrency market.
- MicroStrategy continues its Bitcoin buying spree: MicroStrategy added another 12,000 BTC on March 11 to their stash funded with $782 million from convertible debt offering. It now holds 205,000 BTC valued at $14.7 billion.
While the future of Bitcoin remains inherently unpredictable, the current surge reflects a confluence of favorable factors that suggest a bullish outlook. Institutional adoption, regulatory advancements, and positive public sentiment are all contributing to the BTC strong momentum.
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