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Bitcoin ETFs Smash $10B Trading Volume Record Amid Wild BTC Price Action

Bitcoin has set up a new all-time high above $69,324 on Tuesday after rallying nearly 9% in the last 24 hours.

BTC has registered a nearly 65% year-to-date gain on top of the 155% rally seen in 2023.

The spot ETF approval, which led to a surge in capital inflows, is one of the most important narratives responsible for the parabolic rally.

In addition to the Bitcoin spot ETF approval being the main driver behind BTC’s price rally to new all-time highs, the halving narrative has also played a pivotal role. The fourth Bitcoin halving is expected to occur on April 18, in roughly 47 days. This event will slash the block reward for miners from 6.25 BTC to 3.125 BTC. The fourth Bitcoin halving, embedded within Bitcoin’s code, reduces the rate at which new Bitcoins enter circulation by 50% every roughly four years or 210,000 blocks.

Historically, Bitcoin halvings have been followed by significant price increases, with some attributing this to the decreased supply, making Bitcoin potentially more scarce and valuable. The upcoming halving is anticipated by many to extend the ongoing bullish run for Bitcoin.

This outlook is shared by many investors in the crypto space, which is why the halving could also become a sell-the-news event. Hence, BTC could form

Here’s the breakdown:

New All-Time High: Bitcoin reached a record-breaking price of $69,324 on Coinbase on March 5. The move was short-lived, after which BTC quickly corrected to around $67,000.

Previous Record Shattered: The previous all-time high of $68,999.99, established in November 2021, has been surpassed.

 

Market Shift: This surge suggests a potential shift towards a more optimistic outlook, possibly paving the way for further price increases.

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Martin
Martin
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