Bitcoin Surges to $54,900 with BlackRock’s IBIT Trading $1 Billion

12:50 am
February 27, 2024
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Bitcoin has reached $54,900 for the first time since 2021 as BlackRock’s IBIT trades $1 billion in shares, pushing the cryptocurrency’s market cap above $1.06 trillion. The surge in price comes amidst speculations of a pre-halving breakout in the market.

BTC Breaks $54k Mark as IBIT Experiences $1 Billion ETF Trades

BlackRock’s iShares Bitcoin Trust (IBIT) saw over $1 billion in trades, fueling further gains for Bitcoin according to analysts. Bloomberg ETF analyst ranked IBIT 11th among all ETFs, indicating a significant influx of interest and investment in Bitcoin.

Entrepreneur Anthony Pompliano emphasized the impact of ETF inflows on Bitcoin, referring to it as a “runaway train.” As Bitcoin’s halving approaches, where the number of BTC mined will be halved, there is anticipation for a potential supply shock that could propel Bitcoin to new price heights.

On Monday, Bitcoin broke the $53,000 mark following MicroStrategy’s announcement of acquiring an additional 3,000 BTC, signaling growing institutional interest in the cryptocurrency. With Bitcoin trading around $54,331, there is optimism in the market that it could surpass $55,000 and aim for $60,000 before the halving event.

FAQs

What is BlackRock’s IBIT?

IBIT stands for iShares Bitcoin Trust, an exchange-traded fund (ETF) by BlackRock that allows investors to gain exposure to Bitcoin without owning the cryptocurrency directly.

What is Bitcoin’s halving event?

Bitcoin halving is an event that occurs approximately every four years, where the number of new Bitcoins created and earned by miners is halved. This event is built into the Bitcoin protocol to manage its scarcity and control inflation.

How does ETF trading impact Bitcoin’s price?

ETF trading, especially in products like IBIT, can significantly impact Bitcoin’s price by attracting institutional investors and large-scale capital inflows into the cryptocurrency market, leading to price surges and increased market capitalization.


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