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Bitcoin Tops $57K as Rally Alternatives Up Steam

Bitcoin Tops K as Rally Alternatives Up Steam
February 27, 2024



Following sizable positive factors all the way through the U.S. day on Monday, bitcoin (BTC) driven via a number of further spherical quantity milestones all the way through early Tuesday morning Asia hours, the cost topping $57,000 for the primary time since November 2021.At press time, bitcoin had pulled again a hair to $56,500, nonetheless forward greater than 9% during the last 24 hours. The wider CoinDesk 20 Index (CD20) was once forward 8.9% over the similar time period.The rally started Monday morning within the U.S., with bitcoin getting rid of $53,000, additionally for the primary time since November 2021. The cost rose above $54,000 later within the day. Right through the U.S. night time/early Asia morning, issues were given very energetic once more, with bitcoin getting rid of the $55,000, $56,000 and $57,000 ranges within the area of a couple of mins.The transfer upper in bitcoin previous Monday spurred sizable task within the U.S.-based spot bitcoin ETFs, with the gang (ex-Grayscale’s GBTC) posting a record-high $2.4 billion in buying and selling quantity on Monday, in step with Bloomberg.As for GBTC, it noticed its smallest one-day outflow of bitcoin for the reason that Jan. 11 release of the spot ETFs, the fund dropping simply 921 tokens.

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