Bitcoin Hits $60,000, Near Two-Week Highs
Cryptocurrency enthusiasts have reason to celebrate as bitcoin has experienced a resurgence, reaching a value of over $60,500 for the first time in nearly two weeks. This surge in prices has resulted in spot bitcoin ETFs seeing inflows of $62.1 million on Aug. 19, marking the largest daily inflows since August 8, as reported by Farside Investors.
Additionally, former President Donald Trump has revealed holdings of over $3 million in various cryptocurrencies and has earned millions from non-fungible tokens (NFTs), according to new campaign filings.
Furthermore, Coinbase (COIN) has reported clearing Q2 revenue with a significant increase in trading volume and transaction revenue at the beginning of August. Additionally, spot ethereum ETFs began trading on July 23 after obtaining approval from the SEC. Crypto prices saw a rise at the start of the month following President Trump’s nomination of crypto-friendly Senator J.D. Vance (R-Ohio) as his running mate.
Bitcoin’s current price is approximately $60,550, showing a 3.3% surge in the last 24 hours, and reaching an overnight high of $61,375, its first time surpassing $61,000 since Aug. 14. In March, bitcoin achieved an all-time high of $73,798, surpassing its prior record of $68,990 set in November 2021. It has rebounded about 157% in 2023 and is up approximately 44% year-to-date.
On the other hand, ethereum is trading near $2,640, displaying a 1.6% increase over the last 24 hours. Ethereum reached its 52-week high of $4,092 on March 12, crossing the $4,000 threshold for the first time in 26 months. Despite this, it remains below its peak above $4,800 in November 2021. Ethereum is currently up by only 15% in 2024 after the selloff in early August.
Potential investors should be aware that digital asset investments are highly volatile. While cryptocurrency fundamentals and technical indicators may vary, it is vital for investors to focus on their key objectives. Protecting oneself by knowing when to sell, cut losses, or capture profits, as well as preparing to profit if the cryptocurrency begins to rebound, are important considerations.
It is important to note that despite their initial promise, cryptocurrencies have not always acted as hedges against inflation and have often followed broader indexes. Readers are encouraged to explore IBD’s Best Cryptocurrencies And Crypto Stocks To Buy and Watch page, as well as the What Is Cryptocurrency? explainer page, for a deeper understanding of digital asset investments.
For those seeking to stay informed with the latest cryptocurrency news, Dow Jones recently covered topics such as Bitcoin’s upcoming halving, the European Central Bank’s criticism of bitcoin, and the digital asset’s comparison to digital pearls.
In conclusion, the recent surge in bitcoin prices is a positive development for cryptocurrency investors, but it is essential to approach these investments with caution. With the market’s susceptibility to volatility and external factors, staying informed and making calculated decisions is of paramount importance.
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