The price of bitcoin rocketed above $59,000 on Wednesday, touching levels not seen since late 2021 as the major crypto's bullish run continued.
Bitcoin BTCUSD traded up 4.3 6% to trade at $59,142, close to hitting a session high of $59,482. BTC is currently about 14.5% off its record high of $68,990 reached 27 months ago. At the time of writing BTC price is trading at $59,850
BTC has soared by 40% this year, the surge in bitcoin prices has been fueled by continued inflows into bitcoin exchange-traded funds and excitement over the expected 'halving' sentiment in April. Halving based on historical data often shows after the event occurred.
This rise in crypto prices has once again boosted shares related to Coinbase Global Inc. COIN, up +2.72% with gains of more than 6% in pre-market trading and MicroStrategy Inc. MSTR, +9.46% , one of the biggest holders of bitcoin, rose 8%.
Stocks of crypto miners such as Marathon Digital Holdings Inc. MARA, up +3.84% and Riot Platforms Inc. RIOT was down -3.28% but also gained 8% and 6% respectively in pre-market trading.
"With giant companies and other big names re-injecting funds into BTC ahead of the halving event expected to take place in April, the price of bitcoin looks set to continue to rise in the short term," said James Harte of multi-asset broker Tickmill Group. He continued that for the time being the question is whether the price surge will continue or not after the halving event? Coupled with the dwindling supply of bitcoin and the recent approval of ETFs driving increased demand, there is a strong argument that the rise will continue this year with some optimistic comments for a $100k hit by the end of the year,”
For now the Fear and Greed Index shows Bitcoin moving into very greedy territory on Wednesday.
