Bitcoin approaches $60,000 after 3.7% daily gain

Hzpf...LjCK

28 Feb 2024

Ad

$

BTC
$59,135
ETH
$3,320
USDT
$1.0007
BNB
$409
SOL
$113
XRP
$0.59
USDC
$1.00
ADA
$0.634
AVAX
$40.14
TRX
$0.144
DOGE
$0.10
LINK
$19.49
DOT
$8.51
MATIC
$1.04
ICP
$13.13
SHIB
$0.00
DAI
$1.00
BCH
$304
LTC
$75.37
UNI
$10.72
ETC
$28.54
ATOM
$11.53
HBAR
$0.12
FIL
$7.89

Ad

ZOLTAN VARDAI
2 HOURS AGO

Bitcoin approaches $60,000 after 3.7% daily gain

The last time Bitcoin traded at similar levels was in November 2021 before correcting from its all-time high of $68,789.
3267
17

3:11
NEWS
Own this piece of crypto history

Collect this article as NFTJoin us on social networks

Bitcoin
BTC
$59,135
, the world’s first cryptocurrency, rose 3.79% in the 24 hours leading up to 8:20 am UTC to trade at $58,504, for the first time in two years and three months.Bitcoin is up over 13.5% on the weekly chart and over 38% on the monthly chart, according to CoinMarketCap data.
Bitcoin’s price rally comes two days after the announcement that Michael Saylor’s MicroStrategy had acquired an additional 3,000 BTC for a total of $155 million at an average price of $51,813 between Feb. 15 and 25. With a total of 193,000 BTC acquired for $6.09 billion at an average price of $31,544, MicroStrategy is the world’s largest Bitcoin holder among publicly traded companies.

According to Mikkel Morch, founder of the digital asset investment fund ARK36, MicroStrategy’s recent purchase is the institutional endorsement mainly fueling this rally. Morch wrote in a research note shared with Cointelegraph:

“This rally is not just numbers on a chart; it’s a declaration of the confidence among institutional investors in the transformative potential of cryptocurrencies… Moreover, the green light for Bitcoin-owning ETFs in the United States has injected a fresh wave of optimism, propelling trading volumes and spotlighting crypto-linked firms amidst a broader market fraught with apprehension.”

The total crypto market capitalization increased by 2.85% in the past 24 hours to $2.19 trillion. The industry recaptured the $2-trillion market capitalization on Feb. 27, as Bitcoin breached $57,000, bolstered by a combination of Bitcoin exchange-traded fund (ETF) inflows and improving crypto investor sentiment.

BlockShow by Cointelegraph is back with a crypto festival in Hong Kong, May 8-9 - Secure Your Spot!

Ad

According to Morch, we could see a new all-time high for both Bitcoin and Ether
ETH
$3,320

in the next couple of weeks, driven by the anticipation of the upcoming Bitcoin halving and the potential acceptance of a United States spot Ether ETF. He wrote:“The anticipation swirling around the approval of spot Ether ETFs further underscores the maturation of the cryptocurrency market. It recognition of Ethereum’s role not just as a digital currency, but as an infrastructure backbone for a future where finance and technology merge more seamlessly.”

The nine spot Bitcoin ETFs recorded combined trading volumes of over $2 billion for the second consecutive day on Feb. 28.
Related: Bitcoin ETFs account for about 75% of new investments — CryptoQuant
Exchange or buy BTC

Disclaimer: The information contained on this widget is not intended as, and shall not be understood or construed as legal, tax, investment, financial, or other advice. Nothing contained on this widget constitutes a solicitation, recommendation, endorsement, or offer by Cointelegraph or any third party service provider to buy or sell any cryptoassets or other financial instruments. We advise you to spend only what you can afford to lose, and always seek independent financial advice if you are in doubt. You should not purchase any cryptoassets if you do not fully understand the nature of your purchase and the risks involved. We recommend that you refer to the issuer’s/ advertiser’s t&c and help/ support pages for more information.
Ad

2
2
1
READ MORE

Ad

EZRA REGUERRA
3 HOURS AGO

Palm-scanning identity protocol gets funding from over 20 VCs

Humanity Protocol claims it offers a less invasive alternative than iris scans, seemingly taking a jab at the popular digital identity project Worldcoin.
2943
22

2:58
NEWS
Own this piece of crypto history

Collect this article as NFTJoin us on social networks

Humanity Protocol, a project backed by big crypto names like Animoca Brands and Polygon, has announced that it completed an investment round and secured funding from venture capital funds within the crypto space.
On Feb. 28, the protocol announced that it secured strategic investments from companies like Hashed, CMCC, Cypher Capital, Foresight Ventures and Mechanism Capital. The protocol said it received significant funding from over 20 crypto-focused venture capital funds but did not mention all of its investors. The protocol also did not disclose the amount it raised from the fundraising round.

While it did not mention details, the project said that it was developed in collaboration with Animoca Brands and Polygon Labs. The company also highlighted that Animoca Brands’ executive chairman, Yat Siu and Polygon co-founder, Sandeep Nailwal, personally participated in the funding round for the project.
The project focuses on digital identity for Web3, incorporating palm-recognition technology with Polygon’s zero-knowledge proofs (ZK-proofs). The project claims that it aims to offer a less-invasive alternative to iris scans, seemingly taking a jab at the popular eyeball-scanning project Worldcoin.
Humanity Protocol founder Terence Kwok said the company believes “technology should amplify human potential, not compromise it.” He highlighted that they are working toward bringing a human-centric blockchain to the world.
Related: Worldcoin soars 140% in a week as wallet app hits 1M daily users
Meanwhile, the Worldcoin project, which operates on a similar premise, has been under scrutiny from various authorities worldwide. On July 28, 2023, the French National Commission on Informatics and Liberty questioned the legality of Worldcoin’s data collection methods. On July 31, 2023, it was revealed that Germany’s privacy watchdog had been looking into Worldcoin since 2022. The Kenyan government also suspended the project on Aug. 2, 2023, to ensure it does not pose risks to its citizens.
More recently, Hong Kong’s Office of the Privacy Commissioner for Personal Data announced an investigation into Worldcoin. On Jan. 31, the PCPD said that it had executed search warrants and entered six Worldcoin premises in Hong Kong as a part of its probe into the project. The privacy watchdog expressed concerns about Worldcoin’s data collection methods, saying that it may be in violation of the region’s Personal Data Ordinance requirements.
Magazine: Asia Express 3AC’s $700M Worldcoin windfall, China vs the crypto spies: Asia Express
Explore more articles like this
Subscribe to the Law Decoded newsletter
A weekly summary of the latest news in crypto legislation and regulations. Delivered every Monday
Subscribe

Add reaction
READ MORE

Ad
ROBUST LIQUIDITY ON HITBTC
Ad
FAST EXCHANGE ON CHANGELLY

Crypto assets are a high-risk investment. You should consider whether you understand the possibility of losing money due to leverage. None of the material should be considered as investment advice!

Are you a journalist or an editor?
Join us