Bitcoin has surged by more than 4% today as the leading cryptocurrency approaches its highest value ever after a month of fluctuations. After dropping below $66,000 due to widespread sell-offs in the crypto market, BTC has bounced back strongly this week, fueled by a total inflow of nearly $570 million in Bitcoin ETFs last week. In the last two days, Bitcoin ETFs have seen consecutive inflows of over $200 million each day.
Investor sentiment is overwhelmingly positive, especially as the fourth halving event is looming later this month. The excitement has been amplified by the recent halving of Bitcoin Cash (BCH), a derivative of the original Bitcoin network. Following its most recent halving, BCH experienced a 10% surge in value, with a nearly 60% increase in March.
Market experts and analysts anticipate a similar impact on BTC following its upcoming halving. Renowned figures in the industry such as Anthony Scaramucci from SkyBridge Capital have projected that BTC could reach $170,000 in the bullish cycle post-halving. Bitcoin’s daily trading volume has also surged by 70% today. The cryptocurrency reached its previous peak of $73,737 just a month ago, and if current market conditions persist, BTC could set a new record high this month.
In other news, the central bank of Russia is anticipating a full-scale implementation of CBDCs after 2029, while reports suggest that China’s largest mainland equity funds have discreetly entered the Bitcoin ETF market. Stay updated with the latest developments by following us on Google News.