Bitcoin hits $54,900 as BlackRock’s IBIT trades $1B

• Bitcoin hits $54,900 for first time since 2021 as BlackRock’s IBIT trades $1 billion shares.
• BTC worth is rising amid analyst predictions for a halving explosion.

Bitcoin is eyeing a pre-halving breakout as its worth jumped above $54,900 for the primary time since November 2021.

On crypto alternate Coinbase, Bitcoin worth reached highs of $54,980. The greater than 6% good points pushed the benchmark cryptocurrency’s market cap to over $1.06 trillion.

BTC breaks above $54k as IBIT trades $1 billion ETF shares

Within the ETF market, BlackRock’s iShares Bitcoin Belief ($IBIT) traded over $1 billion and analysts are saying the momentum is ready to gasoline additional good points for BTC worth. Bloomberg ETF analyst shared that the efficiency ranked $IBIT 11th amongst all ETFs.

“MILESTONE $IBIT has traded $1b price of shares at the moment up to now.. which ranks it eleventh amongst all ETFs (Prime 0.3%) and Prime 25 amongst shares. Insane quantity for beginner ETF (esp one w ten rivals). $1b/day is large boy stage quantity, sufficient for (even large) institutional consideration,” Balchunas posted on X.

In keeping with entrepreneur and investor Anthony Pompliano, “Bitcoin is a runaway prepare with no brakes for so long as ETF inflows dwarf the bitcoin produced by the community.”

Bitcoin is a runaway prepare with no brakes for so long as ETF inflows dwarf the bitcoin produced by the community.

The sport has modified.

Preserve your head on a swivel on the market.

— Pomp 🌪 (@APompliano) February 26, 2024

With the Bitcoin halving arising, this variety of BTC mined might be halved, making a provide shock that might catapult BTC worth to costs only a few imagined a number of years again.

With the countdown to Bitcoin halving roughly 52 days out, the breakout efficiency for BTC on Monday has the market buzzing.

Earlier within the day, Bitcoin worth broke above $53k as MicroStrategy introduced it had acquired a further 3,000 BTC. Bought for $155 million, the contemporary purchase noticed the corporate’s Bitcoin portfolio hit 193,000 BTC.

Michael Saylor revealed that the corporate purchased bitcoin on the common worth of $51,813.

Bitcoin traded round $54,331 at 3.30 pm ET on Monday. The benchmark crypto may break above $55,000 to eye $60,000 earlier than the halving.