Bitcoin Hits New Highs as Market Momentum Swings Bullish, MicroStrategy Plans bigger BTC Hoard
Summary:
Bitcoin (BTC) reaches a new all-time high of $73,794. Amid growing anticipation of further BTC price increases, the market shows robust resilience after overnight recovery. The inflows to US Bitcoin exchange-traded funds (ETFs) massively outpace outflows from the Grayscale Bitcoin Trust (GBTC), leading to bullish market predictions. Amid these trends, tech firm MicroStrategy, with the largest public company Bitcoin treasury, plans to secure more than 1% of the total BTC supply. Optimism remains despite doubts about the sustainability of BTC's current momentum.
Bitcoin (BTC) hit a new record high on March 14, further fuelling expectations of continued growth in its value. According to data from Cointelegraph Markets Pro and TradingView, the value touched a staggering $73,794 on Bitstamp. The bitcoin market showed strong resilience, quickly recovering from the previous dip before the Wall Street opening.
Prominent market analyst Rekt Capital reported, "After a slight downslide this week, Bitcoin bounced back robustly, reestablishing earlier record highs as support points," talking about the latest happenings on X (once known as Twitter).
The day also saw enduring enthusiasm regarding certain supply trends, primarily concerning the effect of the US Bitcoin exchange-traded funds (ETFs) on the buy-side. United Kingdom-based investment company Farside's data reveals that on March 13, these ETFs witnessed inflows of a whopping $683.7 billion.
This amount significantly surpassed the outflows from the Grayscale Bitcoin Trust (GBTC), strongly tipping the supply squeeze balance to the advantage of the bulls. Statistician Willy Woo, originator of a Bitcoin data source Woobull, commented on this institutional development as "just beginning," mirroring ARK Invest CEO Cathie Wood's sentiments.
"Completing meticulous due diligence before commencing proper allocation might take a few months for institutions and wealth management platforms. The ETFs are merely getting started," inferred a post on X.
Bitcoin enthusiasts were also intrigued by the news that technology company MicroStrategy, currently holding the largest Bitcoin reserves of any public enterprise, planned to acquire more than 1% of the total BTC in existence. MicroStrategy intends to invest $500 million for more Bitcoin, raising its total to over 210,000 BTC.
However, even amidst doubts about the sustainability of BTC's current upward trajectory, bullish predictions persisted. Charles Edwards, creator of quantitative Bitcoin and digital asset fund Capriole Investments, anticipated an incoming surge for BTC/USD value. "Bitcoin is prepping for a significant leap," he advised X followers, hinting at the recent flow of ETFs with, "a billion a day keeps the dip at bay".
Last week, Edwards announced the end of Bitcoin's "deep value" epoch, prompting a shift in focus towards proactive investments. He stated, “That window of opportunity has now closed. You had two years to acquire undervalued Bitcoin. A fascinating new phase has now commenced.”
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Published At
3/14/2024 11:25:00 AM
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