Thursday, February 29, 2024

Bitcoin rises above $45,000, its highest level in almost a month

The price of bitcoin surpassed $45,000 for the first time since January 12, the day after US bitcoin spot ETFs began trading.

Bitcoin was last up 3.19% at $45,526.51, according to Coin Metrics, pulling crypto-related stocks higher, although ether hovered on the flat line.

The flagship cryptocurrency’s movement occurred in the form of shares of Community Bank of New York losses extended Thursday. Concerns about U.S. regional banks have worked in bitcoin’s favor since last year’s regional banking crisis, when investors who had lost confidence in banks turned to the cryptocurrency as a hedge against uncertainty.

Traders also point out that bitcoin accumulation by large investors, known as “whales,” has increased over the past two weeks, when the cryptocurrency’s price remained below December and January highs.

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Bitcoin hits its highest level in almost a month

“What is happening now seems to be that large investors – whales, institutions, others – are accumulating assets ahead of what many believe will be a strong bull cycle until the end of the year,” said Bartosz Lipiński, CEO of crypto trading platform Cube.Exchange. “Just look at the number of Bitcoin wallets holding over 1,000 BTC, which has increased significantly over the past two weeks and now includes 73 additional participants who did not previously hold such a significant amount of cryptocurrency.”

Over the past two weeks, Bitcoin’s average daily trading volumes fell 29.6% week over week, JPMorgan noted in a note Thursday, while ether trading volumes fell 29.6% week over week, JPMorgan noted in a note Thursday, while ether trading volumes decreased by 40%.

Crypto Exchange Stocks Coinbase jumped around 8.59%, while Bitcoin proxy Microstrategy added 15.71%. In the mining group, CleanSpark increased by 12.78%, Riot platforms advanced by 15.28%, while Digital marathon gained 23.03% and Iris energy jumped 23.79%.

—CNBC’s Michael Bloom contributed reporting.

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