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Bitcoin breaks above $44k for first time since ETF market mania

Bitcoin breaks above $44k for first time since ETF market mania

BlockworksBlockworks2024/02/08 09:32
By:Blockworks

BTC’s price began to surge during late-afternoon trading hours in the US

The price of bitcoin is back above $44,000.

Market data shows that the price began to break out of its range around 4 pm ET. 

At press time, the price was trading around $44,170 on Coinbase, according to TradingView, after reaching a local high of $44,430.

Bitcoin breaks above $44k for first time since ETF market mania image 0

Source: TradingView

The cryptocurrency last traded above $44,000 on Jan. 12 amid the market mania around spot ETFs. Last month, the Securities and Exchange Commission granted approval to a group of ETFs after a protracted regulatory process. The price of bitcoin gyrated during that period and at one point climbed above $48,000.

Today’s move represents a notable breakout, given the relatively moribund trading seen in recent days. As Blockworks’ Casey Wagner reported this week , major cryptos like BTC and ETH were either flat or seeing minor gains amid speculation about future moves by the US Federal Reserve. 

“​​It is important to note that bitcoin has been resilient over the last week despite higher US interest rates and a stronger US dollar,” Zach Pandl, Grayscale’s managing director of research, said earlier this week. 

The exact catalyst for today’s price action isn’t clear. Coinbase’s stock climbed 1.9% today, while the Nasdaq overall rose 0.9%.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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