Bitcoin just had its best month since 2020

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Bitcoin just had its best month since 2020
The cryptocurrency jumped more than 40% in February
By
Melvin Backman
Published5 hours ago
Physical representations of the bitcoin cryptocurrency are seen in an illustration.
Shining bright.Illustration: Dado Ruvic (Reuters)
Bitcoin is not just having a good week, surging to its highest levels since late 2021, it’s also having a good month. A great month, actually: It’s up more than 40% in February, the cryptocurrency’s best performance since December 2020.

Why Bitcoin won't reach $1,000,000 | What's next for Bitcoin?

Why Bitcoin won’t reach $1,000,000 | What’s next for Bitcoin?

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Lots of things are driving the monthly boomlet. The U.S. Securities and Exchange Commission approved spot bitcoin exchange-traded-funds. The news is drawing a lot of new investors into the market, spurred on by all the attendant hype that comes with a new means of getting in on the action.

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Plus, the so-called “halving” is coming soon. In bitcoin world, that means that bitcoin-mining computers will yield half as much of the cryptocurrency when they do the complex equations that create new coins. (In the U.S., the Energy Information Administration noted earlier this month that all that computer activity makes up as much as 2% of all energy use.) Halving typically leads to more hype, more investor interest, and more gains.

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Stocks associated with bitcoin are reaping the benefits of its big February as well. Stock in the trading exchange Coinbase and the mining company Marathon Digital Holdings are way up, too. There was so much new activity happening on Coinbase that the company suffered a brief outage Wednesday (Feb. 28).

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Bitcoin ETFs Gained Record $673 Million in One Day Amid BTC Rally
The newly approved funds continue to be wildly popular, led by BlackRock.
By Mat Di Salvo

2 min read

Feb 29, 2024



BlackRock’s newly approved Bitcoin exchange-traded fund (ETF) continues to steal the show: the hot digital commodity received over $612 million in inflows just yesterday.

There was enough good news to spread around: the 10 spot Bitcoin ETFs collectively experienced $673.4 million in inflows, BitMEX Research shows—although BlackRock’s new fund is by far the most popular.

When trading closed yesterday, over $3.3 billion in iShares Bitcoin Trust (IBIT) shares had traded hands, according to Nasdaq data. BlackRock’s iBIT now shows over $8.5 billion in assets under management.

Of the 11 spot Bitcoin ETFs that received the green light in January from the Securities and Exchange Commission, 10 are trading and receiving inflows.

The huge inflows have been offset by outflows from Grayscale’s Bitcoin fund, though. Over $216 million left the fund yesterday. Grayscale’s entry previously operated like a closed-end fund, but when it converted to an ETF in January, investors were redeeming billions of dollars in shares.


That has slowed now—although the fund, which still has the most assets under management at $24.2 billion, is still experiencing outflows.

Interest in the funds is being driven by both institutional and retail investors, analysts told Decrypt. A news report dropped on Thursday that Bank of America Corp.’s Merrill arm and Wells Fargo & Co.’s brokerage unit are now offering Bitcoin ETF access to wealth management clients with brokerage accounts access.


The price of BTC yesterday surged to new highs, going as high as $63,434, according to CoinGecko, before a flash crash saw it drop to under $61,000 again.

It is now trading for $61,311, a 3% 24-hour rise and jump of more than 40% over the week.

Although it’s Bitcoin’s time back in the spotlight, investment firms are already looking for the next big thing. BlackRock is also trying to get approval for a spot Ethereum ETF, after having filed an S-1 with the SEC back in November.

Edited by Ryan Ozawa.

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Bitcoin price predictions: How much more could the cryptocurrency rise in 2024?
A bitcoin symbol is presented on an LED screen during the closing ceremony of a congress for cryptocurrency investors in Santa Maria Mizata, El Salvador, Saturday, Nov. 20, 2
By Doloresz Katanich
Published on 06/02/2024 - 07:00•Updated 28/02/2024 - 18:38
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Thinking about investing in the popular cryptocurrency? A recent report predicts that Bitcoin will reach a new all-time high in 2024.


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Bitcoin (BTC) is expected to reach a new record of $88,000 (€82,000) throughout the year, before it settles around $77,000 at the end of 2024, according to a new report.

The cryptocurrency's current price sits at around $43,000.

UK fintech firm Finder carried out a study based on expert price predictions of 40 crypto industry specialists on how Bitcoin is expected to perform through to 2030.

Bitcoin, it found, is likely to hit an average peak price of $87,875 in 2024, with some experts predicting it will climb as high as $200,000.

On the flip side, the average lowest price Bitcoin could hit by the end of 2024, is seen as $35,734, the report said, with some predicting it will fall as low as $20,000.


What could give Bitcoin a boost in 2024?
More than half of the experts Finder surveyed expected the price to increase after a so-called "BTC halving event" in April 2024.

A halving event refers to a period every few years when the reward for mining Bitcoin transactions is cut in half. As things stand, those validating Bitcoin transactions currently get 6.25 bitcoins, which could go down to 3.125.

Halving events lead to a lower supply, with fewer Bitcoins made available, thereby leading to higher prices.

Just under half of the 40 panellists surveyed (47%) believe that Bitcoin is going to reach a new all-time high six months after the halving event.

Kadan Stadelmann, CTO of blockchain platform Komodo, said in the report that Bitcoin is probably facing a fair bit of pressure, not only because of the expected halving event but also because "major companies and institutional investors [are] showing growing interest [in Bitcoin, which] is likely to drive demand."

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Many experts forecast more buyers on the market following the US Securities and Exchange Commission's recent approval of 11 Bitcoin ETFs (exchange-traded funds), making it easier for individual investors to trade Bitcoin-related investment funds in the US stock exchanges.

The price could be propelled further upward once the US Federal Reserve cuts the historically high benchmark rate, as analysts expect more liquidity to consequently flow into Bitcoin.

However, John Hawkins, senior lecturer at the University of Canberra, believes that cryptocurrency is still little more than a speculative bubble.

"If the new spot Bitcoin ETFs are popular, there could be a temporary price increase. But, in the medium to longer-term, I still regard Bitcoin as a speculative bubble," said Hawkins, adding there were high expectations about similar ETFs entering the market in 2021, but the price crashed later.

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What should investors embrace themselves for by 2030?
BTC is expected to potentially climb to $122,688 (€114,310) in 2025 and $366,935 (€341,878) in 2030.

However, the truncated mean, a statistical measure of central tendency, puts the expected price at around $220,708 (€205,636) by 2030.


Overall, the majority (58%) of panellists believe now is the time to buy BTC; 38% advise people to hold while 5% of panellists are in favour of a sale.

Cryptocurrencies are not regulated in the UK and there is no protection offered by the Financial Ombudsman or the Financial Services Compensation Scheme.


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Disclaimer: This information does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances. Also remember, we are a journalistic website and aim to provide the best guides, tips and advice from experts. If you rely on the information on this page, then you do so entirely at your own risk.

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