tl;dr
Bitcoin (BTC-USD) continued its bull run this week, rising 10.8% on a weekly basis and boosting its market cap to $1.36T. The digital currency briefly hit a new record high of $70.1K before paring gains after the February jobs report strengthened bets the Federal Reserve will start interest-rate red...
Bitcoin (BTC-USD) continued its bull run this week, rising 10.8% on a weekly basis and boosting its market cap to $1.36T. The digital currency briefly hit a new record high of $70.1K before paring gains after the February jobs report strengthened bets the Federal Reserve will start interest-rate reductions in June.
Julius de Kempenaer, senior technical analyst at StockCharts.com, believes BTC has arrived at a critical juncture and is waiting for BTC to convincingly break the late 2021 high, igniting strong demand. Net inflows into spot bitcoin (BTC-USD) ETFs totaled ~$9.4B, with $965.5M coming in on March 5, marking one of its biggest one-session haul, data from CoinGlass showed. However, a jump in price was short-lived, and BTC soon settled at $63.8K, prompting concerns about a possible correction.
SA contributor, D Lombardo, called the halving event "overly-hyped" and pointed to a likely correction. J.P. Morgan noted that BTC's high volatility makes it unlikely to match gold's allocation in investors' portfolios in notional amounts. It is 3.7 times more volatile than gold.
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