Bitcoin’s value surges to $53k amidst a phenomenal 50% increase in daily trading volume.
Bitcoin’s price has skyrocketed to its highest level in over two years, surpassing the $53,000 mark. The leading digital currency experienced a surge of up to 3.3%, reaching $53,456, a price not seen since December 2021. According to CoinMarketCap, BTC trading volume has increased by over 50% today.
This increase in value comes after reports that MicroStrategy, led by Michael Saylor, has expanded its Bitcoin portfolio by purchasing an additional 3,000 units at a total cost of $155.4 million. MicroStrategy’s total Bitcoin investment is now valued at nearly $10 billion. The average acquisition price for Bitcoin was $51,813, with the overall average purchase price of their holdings at $31,544.
Analysts have pointed out that Bitcoin may be entering the third phase of a pattern that historically precedes significant price rallies. It is noted that Bitcoin’s price tends to benefit during periods of increased global liquidity, where there is a large amount of money circulating within the global financial ecosystem.
Despite a current downturn in global liquidity, Bitcoin’s price is on the rise, leading analysts to speculate that its value could surge even higher if global liquidity levels rebound. In February alone, Bitcoin gained nearly 30%, and with the positive sentiment across the wider market as April’s halving approaches, Bitcoin’s bull run could enter a new phase. The fear and greed index for BTC has now reached 72 (greed), a significant increase of 20 points since the beginning of the year.
In other news, South Korea is set to discuss NFT classification and Bitcoin ETFs with Gary Gensler. Additionally, a dating app encounter recently led to a $450,000 cryptocurrency romance scam. Stay updated with the latest news by following us on Google News.
