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Bitcoin Surpasses $61,000 As New All Time High Approaches

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Bitcoin surged past the $61,000 mark today, edging closer to a new all-time high as spot Bitcoin ETF inflows and investor enthusiasm continues to drive up prices. The milestone comes amid increasing interest in the Bitcoin market and growing adoption by institutional investors.

JUST IN: $61,000 #Bitcoin 💥🚀 pic.twitter.com/gMLqQ7inTf

— Bitcoin Magazine (@BitcoinMagazine) February 28, 2024

The latest rally in Bitcoin’s price reflects ongoing bullish sentiment among investors, fueled by factors such as increasing institutional adoption via spot Bitcoin ETFs, inflationary concerns, and growing mainstream acceptance of Bitcoin. This week in particular has been a record breaking week for the Bitcoin ETFs. Yesterday, BlackRock’s ETF took in over $520 million in inflows, which Bloomberg Senior ETF Analyst Eric Balchunas noted it was “the biggest haul for a BTC ETF ever.” BlackRock’s ETF has done around $1.3 billion in trading volume on each of the last two days.

Whoa.. $IBIT took in $520 million all by itself yest, biggest haul for a btc ETF ever and 2nd most of any ETF yesterday, only $IVV took in more cash.. it is now $8b in aum, top 5% among all ETFs. This means a good portion of that massive volume was new buying vs arb/algo. pic.twitter.com/tnq7SaN2di

— Eric Balchunas (@EricBalchunas) February 28, 2024

Yesterday, spot Bitcoin ETFs purchased 10,050 BTC currently worth $615 million. To put into context how much this is, the amount of new Bitcoin created by miners yesterday was only ~900 BTC. The ETFs appear to be buying up all the available BTC on the market, driving up the price. It is important to note that Bitcoin’s fourth halving is approaching, where the mining reward for creating new bitcoin will be cut in half from 6.25 BTC to 3.125 BTC per block.

Wow…

(Data from Feb. 27.; h/t to @HODL15Capital) pic.twitter.com/KvttRhHyAm

— Matt Hougan (@Matt_Hougan) February 28, 2024

Bitcoin has been on a steady upward trend since the beginning of the year, with its price nearly doubling from the start of 2024. At the time of writing, Bitcoin is less than $9,000 away from a new all time high. And with inflows for the Bitcoin ETFs showing no signs of slowing down, and with the halving coming, many market participants are wondering if Bitcoin will hit a new all time high before the halving for the first time ever.

​ Bitcoin is now less then $9,000 away from making a new all time high. 

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Bitso to Bring Bitcoin Lightning to its 8 Million Users via Lightspark

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Leading Latin American crypto exchange Bitso has partnered with Lightspark to integrate the Bitcoin Lightning Network onto its platform. This will introduce faster, cheaper Bitcoin transactions to Bitso’s user base of over 8 million retail clients and 1,700 institutional customers.

Bitso will leverage Lightspark’s infrastructure to enable Lightning transfers. Lightspark will host the nodes while Bitso retains control of the private keys in a remote signing setup.

The integration comes as Lightning Network adoption spreads globally, making payments with Bitcoin faster, smoother and less expensive.

According to Bitso’s research, 53% of crypto wallets in Latin America hold Bitcoin. Trading pairs against local fiat currencies are also widely used. Thus, Lightning is a natural fit to upgrade Bitso’s existing infrastructure.

Daniel Vogel, co-founder and CEO of Bitso, said, “We’re thrilled to partner with Lightspark to bring Lightning to our platform. This advances our mission of making crypto useful by delivering faster, more cost-effective, and transparent money transfers.”

With Lightning, Bitso can offer near-instant Bitcoin transactions at a fraction of the cost of regular on-chain Bitcoin payments. This unlocks new potential payment and remittance solutions for both retail and enterprise clients.

Lightspark CEO David Marcus said Bitso “shares our vision of building open payments for the Internet. This gets us closer to that goal. We know people across Latin America want this solution.”

As a pioneering Latin American exchange with millions of users, Bitso’s integration of Lightning is a milestone in increasing Bitcoin adoption. 

​ Leading Latin American crypto exchange Bitso has partnered with Lightspark to bring faster, cheaper Bitcoin Lightning transactions to Bitso’s 8 million users. 

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US Spot Ether ETFs to Launch on July 23 Pending Final SEC Approval, Analyst Says

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Spot ether ETFs are anticipated to start trading on July 23 as the SEC is close to giving final approvals to issuers.

​ Spot ether ETFs are anticipated to start trading on July 23 as the SEC is close to giving final approvals to issuers. 

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From Microstrategy to Gamestop — Backed Introduces 5 New Tokenized Equities

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Backed, a firm specializing in real-world asset (RWA) tokenization, has launched five new tokenized equities.

​ Backed, a firm specializing in real-world asset (RWA) tokenization, has launched five new tokenized equities. 

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