In a significant surge during the opening trading session of the week, Bitcoin’s value climbed past the $57,000 mark, marking a continuation of its bullish trend. Although it slightly receded to $56,100, the cryptocurrency still registered an impressive 9% increase from the previous day.
The ongoing 2023–2024 bull run shows no signs of abating, bolstered by consecutive upswings of approximately 5% on both Monday and Tuesday.
Bitcoin’s rally commenced in the United States on Monday morning, reaching $53,000 for the first time since November 2021. The momentum continued throughout the day, with the price surpassing $54,000.
The upsurge gained further pace during the late evening and early morning hours in Asia, with Bitcoin swiftly crossing the $55,000, $56,000, and $57,000 thresholds.
According to CoinGlass data, this dramatic rise resulted in nearly $250 million worth of liquidated holdings on Monday alone, with $120 million being liquidated as of February 27.
On the investment front, U.S.-based spot Bitcoin ETFs experienced a surge in activity, particularly on Monday, with a record-high trading volume of $2.4 billion (excluding Grayscale’s GBTC).
In political circles, former U.S. President and 2024 election candidate Donald Trump made headlines last week by stating he could “live with” Bitcoin, signalling a notable shift in his stance on digital assets.
In corporate news, Michael Saylor, a prominent Bitcoin advocate, led MicroStrategy in acquiring an additional 3,000 Bitcoins, bringing their total holdings to 193,000.
This move aligns with a broader trend of significant inflows into cryptocurrency investment products, which totalled around $600 million last week, led by newly authorized Bitcoin instruments.
The ripple effect of Bitcoin’s surge was also felt in cryptocurrency-related stocks. Notably, MicroStrategy and Coinbase saw their stock prices rise by 16%, while major Bitcoin mining companies Riot Platforms and Marathon Digital experienced gains of 15% and 20%, respectively.
Nikolaos Panigirtzoglou from JPMorgan highlighted that retail enthusiasm for cryptocurrencies has rebounded in February after a quieter January, contributing significantly to the upward price movement.
He pointed to three main factors fuelling the retail interest resurgence: the halving of Bitcoin, the anticipated Ethereum technology update, and the potential approval of spot ether ETFs.
