Bitcoin (BTC): Despite the market fluctuations, Bitcoin is again in the spotlight as it gears up for a potential surge in value. With just two months remaining until its highly anticipated halving event, investors are bracing for what could be a significant uptrend in the market.
People are excited because an amazing fact shows that 95% of people who bought Bitcoin have made money from it. This shows that even though its price goes up and down, the top digital money in the world is still making a lot of people profit.
In a new YouTube video, an Altcoin Daily analyst explained why Bitcoin’s price went up and gave his opinion on the latest regulation issues.
Understanding the Bitcoin ETF Metrics
An expert says that the big jump in Bitcoin prices recently is mostly because of new progress with certain investment funds called ETFs. Four Bitcoin ETFs from big companies like BlackRock, Fidelity, ARK Invest, and Bitwise are getting a lot of notice and are among the 25 most popular of these funds ever. On February 9th, these ETFs got more than $400 million added to them. BlackRock’s IBIT, the first Bitcoin ETF of its kind to hit $2 billion, went up by 2.75%.
Lookonchain’s information shows that big reasons for the increase are BlackRock’s iShares Bitcoin Trust, which got 4,489 more Bitcoins (worth $212.9 million), and Fidelity, which got 2,820 more Bitcoins (worth $133.7 million). This growing interest from investors can be seen in how well Bitcoin is doing in the market. Today, its price went up by more than 5.7%, hitting a high of $47,650.
Bitcoin ETFs are doing really well compared to when they first started. They keep drawing in more investors ever since they were introduced, which is different from usual ETFs. Their great success suggests that the market is growing up, with more people planning to invest for a long time coming in.
Crypto To Face More Regulatory Challenges
But, even with all the excitement, worries are starting to appear. The new law that Senator Elizabeth Warren is pushing for could cause problems for the future of cryptocurrencies. This law, called the Digital Asset Anti-Money Laundering Act or Senate Bill 2669, wants to make cryptocurrencies follow the same strict rules that banks have to follow.
Critics say these rules might slow down the growth of cryptocurrencies. Perianne Boring, who leads the Chamber of Digital Commerce, says the law could almost stop cryptocurrencies because it would be too hard for those who mine and provide wallets to follow the rules.
Bitcoin to Test $47K?
Bitcoin’s price was around $43,000 for a week before it jumped to more than $45,000 yesterday morning. This was the first time it went this high since January when it dropped after some ETFs were approved. After a small drop, Bitcoin’s price went up again in the early hours of Friday in Asia, hitting its highest point for the month at $46,750.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
