The most prominent digital asset has continued its 2024 surge as BTC has climbed above $53,000 in a massive move for Bitcoin. Indeed, the cryptocurrency has defied recent rumblings of an impending price correction. It went as far as to near the $53,600 mark earlier today, according to CoinMarketCap.
There have been some different developments over the weekend that may have played a part in this ascension, as well as the overall positive sentiment that it’s been riding since the start of the year. However, over the last 24 hours alone the digital asset is up almost 4%. Subseuqnlety, many are asking the question; why is BTC up so much today?
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Bitcoin: Why is BTC Up Today?
For much of the last several months, the digital asset market has had high hopes for Bitcoin. Indeed, many expected the asset to surge amid 11 Spot Bitcoin ETF approvals for the US Securities and Exchange Commission (SEC). Subsequently, since the start of the year, the most prominent digital asset on the market has undoubtedly been riding a high.
Yet, that went into another gear over the last 24 hours, as BTC has surpassed the $53,000 mark, leading many to question why Bitcoin is up so much today. Specifically, the week has started with the asset up more than 4%, and it’s likely to be due to some ongoing developments, and the aforementioned Bitcoin ETFs.
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Last week ended with former President and 2024 Re-election candidate Donald Trump saying that he can “live with” Bitcoin. That represented a stark reversal for the likely Republican nominee. Moreover, it likely encouraged positive sentiment regarding the token’s place in what should be a rather large political debate regarding digital assets in the coming year.
Additionally, today saw long-time Bitcoin advocate Michael Saylor lead business intelligence firm MicroStrategy to complete yet another BTC acquisition. The firm purchased an additional 3,000 BTC, bringing its total holdings to 193,000.
Furthermore, crypto investment products saw inflows of almost $600 million last week. Moreover, those were led by the recently approved Bitcoin investment vehicles. Specifically, CoinShare’s head of Research, James Butterfill wrote that year-to-date inflows have surpassed $5.7. billion. Moreover, they account for over 50% of record inflows that were generated for the entirety of 2021.
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