While it may have only been for a moment, we technically have a new ATH on Bitstamp! 🥳 Candlestick shows it better. https://t.co/pu90bktzLe pic.twitter.com/cmTGacIk1r
— ChartsBTC (@ChartsBtc) March 5, 2024
New all-time high!
Bitcoin has already managed to break new records: a higher price in euros and pounds and a higher market capitalization than ever before. But now the dollar exchange rate is also at an all-time high. The memes on
— Coinfinity ⚡️ (@coinfinity) March 5, 2024
The drivers behind the rise in bitcoin prices are the bitcoin exchange traded funds (ETFs), which started trading in America this year. Providers such as BlackRock and Fidelity both have more than 100,000 bitcoins on their balance sheets in a very short time. These bitcoins are mandatory because they serve as cover for these ETFs.
Another driver is the upcoming halving, in which the reward for bitcoin miners will be cut in half. The halving will reportedly take place on April 20 depending on the speed of the blocks. One of the consequences is that 50% fewer new bitcoins are mined, 450 bitcoins per day instead of the current 900 bitcoins per day. So less growth.
The fact that central banks are again at the interest rate button and may lower them also contributes to the optimism on the markets. Indices such as the S&P 500 and Nasdaq also recorded a plus of more than 3% in the past month and gold is also rising slightly again.
Source: https://bitcoinmagazine.nl/nieuws/nieuwe-all-time-high-voor-bitcoin-btc-koers-door-69-000
