Over the last hour, the price of bitcoin (BTC) has risen to $ 57,100, a level not seen since February 20, when the bitcoin price reached a new full-time high of $ 58,352. A bullish breakout indicates that investor sentiment has shifted in favor of the bulls and increases the likelihood that BTC will try to accumulate around the $ 60,000 level.
Data from Cointelegraph Markets and TradingView show that Bitcoin returned from $ 52,998 in the early morning hours and continued to accumulate 6.5% above the $ 57,000 level.
Today’s bullish move began with news that Digital Currency Group intends to buy up to $ 250 million in shares of Grayscale Bitcoin Trust (GBTC). The purchase comes at an interesting time considering that GBTC shares were traded at a 15% discount on the bitcoin spot price on the major stock exchanges on March 8.
While institutional investors can take credit in this current move, public interest in Bitcoin also continues to grow. The latest data show that 10,000 bitcoin ATMs have been installed in the US since March 1, 2020, accounting for 57.5% of the number of bitcoin-equipped ATMs in the past year.
Bitcoin ignores financial problems that affect stocks
The stock markets have been hit in the last two weeks by falling technical stocks and concerns about rising government interest rates. Many analysts predicted that a stronger dollar and higher government bond yields would negatively affect the bitcoin price.
According to Chad Steinglas, Commercial Manager at CrossTower, “the mainstream of BTC is still incredibly good”, as large traditional financial players participate in BTC every day.
Steinglass said that the recent addition of Ether (ETH) to the balance sheet of the Chinese software company Meitu is another positive development as it shows the growing importance of cryptocurrencies in traditional economics.
Steinglass also emphasized that the BTC correction in the last two weeks was the result of “strong sales of technical shares” which had a major impact on GBTC, as the discount to NAV traded from GBTC reached 15% on 5 March as European traders were “afraid” when markets closed., European equities.
I think this led to a sharp drop in the bitcoin price as adventurous traders slowly started buying GBTC during an immediate or long term sale. The fact that BTC spot prices were able to step on the water along the way was very optimistic.
With bitcoin targeting the $ 60,000 level, many altcoins are generally chasing new heights.
Theta (THETA), a blockchain-based video streaming platform, has increased 18% in the last 24 hours and reached a full-time high of $ 5.92.
Meanwhile, the Polygon (MATIC) price rose 33% on March 9 when Coinbase announced that the token would be added to Coinbase Pro.