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Why Bitcoin Is Rising: $57K Seen For The First Time Since November 2021! - Coin Newsletter
Bitcoin price rose sharply by more than 9% in the last 24 hours, reaching $57,000 for the first time since November 2021.
Bitcoin price continued its rally breathlessly and came to 57 thousand dollars with a sharp price rise. With the latest bullish wave, Bitcoin has reached its highest levels since November 2021, which is seen as the beginning of the bear market.
Although the rise in Bitcoin was also reflected in altcoins, large price movements could not be observed in general. Ethereum (ETH) is up 3.9% to 3,227, BNB (BNB) is up 3.8% to 399. Ripple (XRP) is up 3% to trade at $0.555 **.
Why is Bitcoin rising?
ETFs are thought to have a great impact on the rise in the price of Bitcoin. With the exception of the Grayscale Bitcoin Trust (GBTC), other exchange-traded funds (ETFs) recorded a daily record yesterday with a trading volume of $2.4 billion.
According to Bloomberg analyst Eric Balchunas, yesterday's realized trading volume was even higher than the ETFs' first trading day, Jan. 11.
According to data from CoinGecko, Bitcoin is trading at $56,289 at the time of writing.