Bitcoin surges over 10% intraday! Price reaches as high as $57,500

Sona59

On February 27th, the "Bitcoin surge" attracted market attention.

In the early morning of February 27th, the Bitcoin market once again experienced a substantial surge, with prices skyrocketing to $57,000 per coin and briefly touching $57,500 per coin, hitting a new high in two years.

According to Coinmarketcap, as of 9:57 PM on February 27th, the price of Bitcoin was reported at $57,000 per coin, with a 24-hour increase of 11.46% and a weekly increase of 8.24%.

At the beginning of this month, on February 1st at midnight, the price of Bitcoin was still around $43,500 per coin. In nearly a month, the price has increased by 31.03%, with an increase of over 30%.

Since reaching its all-time high near $70,000 in November 2021, Bitcoin has entered a long winter. In November 2022, the lowest trading price of Bitcoin touched $15,500, after which it began to rebound gradually.

According to CoinGecko data, as Bitcoin prices rise, other mainstream cryptocurrencies also experience significant increases. As of 9:57 PM on February 27th, Ethereum (ETH) was priced at $3,270.31 per coin, with a 24-hour increase of 6.9% and a weekly increase of 9.21%. Binance Coin (BNB) was priced at $397.85 per coin, with a 24-hour increase of 1.12% and a weekly increase of 10.79%. The current total market value of Bitcoin has exceeded $1.1 trillion, and the total market value of cryptocurrencies has also exceeded $2.24 trillion.

According to Coinglass data, with Bitcoin prices surpassing $57,000, liquidations across the network reached $1.12 billion within one hour. Among them, the amount of liquidations for short positions reached $832.726 million, while for long positions it reached $28.4994 million. In the past 24 hours, over 88,000 people were liquidated, with a total liquidation amount of $380 million.

On February 26th, Microstrategy founder Michael Saylor stated that between February 15th and February 25th, Microstrategy purchased approximately 3,000 Bitcoins at an average price of about $155.4 million, with an average price per Bitcoin of about $51,813. This move further boosted optimism about Bitcoin.

Microstrategy is known to hold the most Bitcoin among publicly listed companies globally, with its total Bitcoin holdings reaching approximately 193,000 coins, valued at over tens of billions of dollars.

Previously reported by The Paper, on January 10th, the U.S. Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETFs for the first time and authorized these 11 ETFs to start trading on January 11th.

The issuers of the 11 approved Bitcoin spot ETFs include: Grayscale, Bitwise, Hashdex, iShares, Valkyrie, Ark 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, and Franklin. iShares is affiliated with the global asset management giant BlackRock.

Zhao Wei, senior researcher at OKX Research Institute, analyzed that the recent approval of Bitcoin spot ETFs by the SEC marks a milestone victory, allowing traditional brokerages to open convenient Bitcoin exposures to traditional financial individuals and institutional investors. This boosts confidence among crypto practitioners and injects significant attention and liquidity into the crypto industry, attracting a large amount of new capital, which is a key factor for the recent sharp rise in Bitcoin.

Zhao Wei believes that since Bitcoin hit its historical high of $69,000, the crypto market has fallen by over 80%, and this round belongs to the valuation recovery after the crypto market's oversold condition. Additionally, with the rekindling expectations of Fed rate cuts, optimization of the crypto system after the FTX Black Swan event, gradual clarity in global crypto regulatory policies and systems, and continued iterations of industry innovation, investor confidence is gradually recovering, and the crypto industry is entering the next benign development cycle.

A cryptocurrency observer told reporters that this year's Bitcoin halving also has some impact on market confidence. From the perspective of historical experience, more and more people are expecting a bull market to emerge by the end of this year to next year.

In the past six months, what are the reasons for Bitcoin's trading price to rise again? Wang Peng, deputy researcher at the Beijing Academy of Social Sciences, told the Beijing Business Daily that there are multiple factors influencing the current rise in Bitcoin. Firstly, the enhanced expectation of global economic recovery has boosted investor confidence, driving up the prices of cryptocurrencies such as Bitcoin. Secondly, with the official approval of Bitcoin ETFs in the United States, and February 26th being the settlement day for Bitcoin futures, more funds are attracted, driving up prices.

"Additionally, the Bitcoin halving event may also have a positive impact on the price. The halving event refers to the halving of Bitcoin mining rewards, reducing the supply of new Bitcoins, which may provide support for the price," Wang Peng added. However, Wang Peng also cautioned that the fluctuations in Bitcoin prices are influenced by various factors, including market sentiment, policy changes, technological innovations, etc., so a comprehensive consideration is needed to evaluate price trends.

Samiksha

This surge is quite crazy.

Ritu77

What's going on is also unclear.

977Iti

It's been only a few years since its founding, and it's already called one of the top three exchanges.