Bitcoin Soared to an All-Time High. So Why Aren’t Miners Blasting Off, Too?
Investors are pouring money into spot ETFs while avoiding miners due to risks related to Bitcoin’s halving event.
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Investors are pouring money into spot ETFs while avoiding miners due to risks related to Bitcoin’s halving event.
Bitcoin {{BTC}} lost 23.7% of its value against its Euro trading pair on Coinbase amid a period of volatility on Tuesday.
As the protocol evolves, new layers could emerge bringing new use cases and more users, the report said.
Bitcoin’s price targets $70,000 in the short term and could reach a new all-time high as soon as this week, analysts said.
What’s different this time? ETFs, Wall Street and a lack of celebrity influencers — for now.
The cryptocurrency hit an all-time high against the euro on Monday and is attempting to push for an all-time high in dollar terms.
The surge comes ahead of the anticipated halving event and rising inflows on bitcoin ETFs.
Open interest in SHIB futures has crossed above $100 million, hinting at speculative froth.
Bitcoin has led the crypto advance this year, but altcoins could start outperforming soon, analysts said.
Outflows from Grayscale’s bitcoin fund GBTC spiked Thursday, but inflows into U.S.-listed spot bitcoin ETFs remained positive, led by another strong day for BlackRock’s ETF.