Bitcoin Surges Past $61k In New Bull Run
Rally is fuelled by historical trends preceding halving events, robust inflows into BTC spot ETFs, and support from major institutions
image for illustrative purpose
Mumbai: Amidst a remarkable surge in the broader crypto market, Bitcoin has surged past the $61,000 mark, edging tantalizingly close to its all-time high of $68,789 set in November 2021.
This rally is fuelled by historical trends preceding halving events, robust inflows into BTC spot ETFs, and support from major institutions. Rumurs of Jeff Bezos's speculated $8 billion Bitcoin investment has also contributed to the momentum. Talking to Bizz Buzz, Siddhartha Gupta, SVP, Business and Strategic Alliances, CoinDCX says, “While many within the crypto community view these rumors with skepticism, the mere suggestion of Bezos entering the crypto space has sparked excitement. Despite the absence of concrete evidence and no official statement from Bezos or Amazon confirming the alleged investment, the speculation persists.”
Additionally, optimism surrounds the possibility of the US Federal Reserve cutting interest rates this year as inflation eases, further boosting Bitcoin's appeal. With historical precedents pointing to significant price spikes post-halving events and on chain data shows that the activity on the Bitcoin network has not however increased tremendously as it was during 2021, he said.
This means that retail participation in this rally is lesser and the same is majorly being driven by institutional player. Bitcoin is poised to potentially surpass its previous highs as we enter March. The countdown to the next halving event in mid-April only heightens anticipation, setting the stage for Bitcoin to venture into unprecedented territory.
Rahul Pagidipati, CEO, ZebPay says, “Bitcoin’s rally on Feb 28th is a testament to the asset's incredible resilience and rapid adoption. Bitcoin briefly surpassed the $64,000 threshold for the first time in over two years, further extending its ongoing bullish trend.”
This surge in Bitcoin's value was supported by unprecedented inflows into spot Bitcoin exchange-traded funds (ETFs) and a consistently improving investor sentiment ahead of the upcoming Bitcoin halving event. Data indicates that an inflow of more than $ 7 billion was seen into Bitcoin ETFs on 28th February which demonstrates how increasing accessibility of Bitcoin has led to immense interest.
ZebPay is highly optimistic about both the short and long-term growth of Bitcoin and the crypto market as a whole. As one of India’s leading crypto exchanges, we are geared up for what the future has to offer, and we aim to enable financial freedom to all Indians through crypto.
