Bitcoin Tops $57K as Rally Picks Up Steam
The spot ETFs posted record volumes on Monday as bitcoin gained 6% during U.S. trading hours.
Feb 27, 2024 at 2:27 a.m. UTC
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Following sizable gains during the U.S. day on Monday, bitcoin (BTC) pushed through several additional round number milestones during early Tuesday morning Asia hours, the price topping $57,000 for the first time since November 2021.
At press time, bitcoin had pulled back a hair to $56,500, still ahead more than 9% over the past 24 hours. The broader CoinDesk 20 Index (CD20) was ahead 8.9% over the same time frame.
The rally began Monday morning in the U.S., with bitcoin taking out $53,000, also for the first time since November 2021. The price rose above $54,000 later in the day. During the U.S. evening/early Asia morning, things got very active again, with bitcoin taking out the $55,000, $56,000 and $57,000 levels in the space of a few minutes.
The move higher in bitcoin earlier Monday spurred sizable activity in the U.S.-based spot bitcoin ETFs, with the group (ex-Grayscale's GBTC) posting a record-high $2.4 billion in trading volume on Monday, according to Bloomberg.
As for GBTC, it saw its smallest one-day outflow of bitcoin since the Jan. 11 launch of the spot ETFs, the fund shedding just 921 tokens.
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Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.