Bitcoin Shatters $63K Barrier After 2-Year Hiatus; Matrixport Gloomy Warning Casts Shadow

February 29, 2024

Late Tuesday evening, the cryptocurrency market was abuzz with optimism as Bitcoin, the world’s first crypto asset, soared beyond the pivotal $63,000 mark for the first time since November 2021. This remarkable surge, however, was met with a note of caution from Matrixport’s co-founder, who introduced a layer of uncertainty to the otherwise bullish momentum, suggesting a degree of uncertainty in the market’s outlook.

In the hours following its ascent past the $61,000 threshold, Bitcoin’s momentum didn’t wane, climbing to a high of $63,000 by early Wednesday morning. This movement marked an impressive 11.48% increase within the day, culminating in nearly 24.58% growth over the week and an astonishing 51.54% rise over the past 30 days. 

Currently, the market is witnessing Bitcoin’s bold attempt to approach its historical peak of $68,789, reached six months before the tumultuous crash of 2022, fueled by the FTX and Sam Bankman-Fried saga. Intriguingly, Bitcoin’s current trajectory towards record highs is unfolding in the lead-up to the anticipated Bitcoin Halving event, a development previously unseen in its history. 

Despite the prevailing optimistic market sentiment, Daniel Yan, Matrixport’s co-founder, pointed out the potential for instability in the upcoming month, particularly in March. This projection is attributed to key macroeconomic events, including the Federal Reserve meeting and the release of critical data by the Bureau of Economic Analysis (BEA) on the Bureau of Transportation and Federal Highway Administration (BTFP).

Yan’s commentary also highlighted the forthcoming Dencun mainnet upgrade for Ethereum and the approaching Bitcoin halving, underlining the potential market vulnerabilities in March. He suggested that the market could either witness Bitcoin’s ascent to $65,000 or a correction from its current position, bringing a level of unpredictability to short-term trading strategies.

Furthermore, Yan advised long-term holders not to worry excessively but urged those considering short-term trading to monitor developments closely in March.

Amid these market dynamics, El Salvador’s President Nayib Bukele, a staunch advocate of Bitcoin as a tool for economic freedom and the first country to legalize it as tender, responded to critics of his Bitcoin strategy.

The El Salvador president highlighted the hypocrisy of critics who were vocal about the supposed losses during Bitcoin’s low market prices but remain silent now that its value has soared. 

He also underlined that despite the potential for a significant profit from market purchases, El Salvador intends to hold onto its Bitcoin reserves and emphasized the principle that 1 BTC equals 1 BTC regardless of market fluctuations and warns against believing future lies spread about El Salvador.

Today, Bitcoin’s live price stands at $62,395.04, supported by a substantial 24-hour trading volume of $55,943,807,874. This represents a notable increase of 9.33% in the last 24 hours. Bitcoin continues to dominate the cryptocurrency market, securing the number one spot on CoinMarketCap with a live market capitalization of $1,225,447,976,350. The circulating supply of Bitcoin is at 19,640,150 BTC coins, inching closer to its maximum supply limit of 21,000,000 BTC coins.

READ MORE

Leave a Reply

Your email address will not be published.