"Aren't you all surprised to see BTC prices so high this morning? Is anyone relaxed?"
Cryptocurrency king Bitcoin (BTC) surprised when its price unexpectedly climbed to nearly $55,000 amid significant developments in spot ETFs plus a BTC halving event expected to take place in April 2024.
Among the reasons for the rapid rise in the price of BTC is the follow-up from the crypto market which is closely monitoring the development of the possible government shutdown where a partial shutdown is expected to occur on March 1, 2024 and a full shutdown by March 8, 2024.
Not only that, investor and market sentiment was also affected when President Biden's announcement of his meeting with Congressional leaders on February 27, 2024 to discuss the situation and its implications for Ukraine added geopolitical importance to the discussion.
It is worth noting that last week's record inflow of $2.45 billion is also one of the reasons why the price of BTC has soared following the year-to-date (YTD) inflow of $5.2 billion with the United States (US) accounting for 99% of that inflow which is $2.4 billion.
Even though a lot of money is flowing into crypto, several blockchain-specific funds saw people pull out about $167 million last week, so here's a look at some deciding this is the best time to take a profit.
Between February 15 and 25, 2024, Michael Saylor-founded MicroStrategy suddenly expanded its holdings in BTC by acquiring another 3,000 BTC worth $155 million while its price was trading at $51,813 and this was also the cause of its price increase.
Following on from the latest acquisition, MicroStrategy's total BTC holdings now stand at 193,000 BTC amounting to $6.09 billion.
As of this writing, the price of BTC is driving up 6.03% at $54,661 in the last 24 hours with a market capitalization of over $1 trillion and a 5.92% jump over the last week.
