Bitcoin reaches $60,001 on Binance, marking its first move above $60,000 since November 2021.
The surge is largely attributed to anticipation for the next Bitcoin halving, with a general expectation of price increase due to supply reduction.
US Bitcoin Spot ETFs record historic daily trading volume.
For the first time in two years and three months, Bitcoin crossed the $60,000 threshold after a more than 6% increase in 24 hours. At 2:30 PM, it hit $60,800 on Binance, marking a significant return since the last time it traded above $60,000 on November 12, 2021.
Performance and anticipation of Halving
The remarkable performance of Bitcoin is mainly attributed to the market’s anticipation of the upcoming halving event, which historically leads to increased buying activity.
However, according to several analysts, a ‘pre-halving retracement’ may still be in play as others believe the halving is not yet fully priced in.
Bullish momentum and Bitcoin ETFs
This Bitcoin surge comes two days after US Bitcoin Spot ETFs reached a record daily trading volume of $2.4 billion on February 26. The nine Bitcoin spot ETFs recorded combined trading volumes of over $2 billion for the second consecutive day on February 28.
BlackRock’s iShares Bitcoin ETF saw over 100,000 individual transactions on February 27, compared to an average of 30,000 to 60,000 daily transactions, highlighting the growing interest in Bitcoin and related financial products.
