You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

US Trading Hours Drive 12% of Bitcoin’s 23% Monthly Gain: Matrixport

The value of Bitcoin, the leading cryptocurrency, has surged by more than 23% this month, surpassing the $52,000 threshold for the first time since December 2021. According to a report from Matrixport, approximately 12% of this surge occurred during trading hours in the United States.

Notably, regions beyond the US also played a significant role in Bitcoin’s ascent this month. Europe contributed 7%, while Asia contributed 4% to Bitcoin’s overall 23% monthly increase, as outlined by Matrixport.

The surge in trading activity, particularly during US trading hours, can be attributed to the approval by the US Securities Exchange Commission of a series of spot Bitcoin exchange-traded funds. This move has effectively opened the floodgates for billions of dollars in inflows from institutional investors.

Investors Turning to Safe Haven Assets like Bitcoin

Analysts highlight Bitcoin’s growing significance as an attractive option for diversifying portfolios amidst a macroeconomic landscape marked by persistent inflation.

Jag Kooner, Bitfinex’s Head of Derivatives, pointed out that various macroeconomic challenges projected for 2024 could enhance the appeal of safe-haven assets like bitcoin, gold, and silver. In a statement shared with CryptoNews via email, Kooner stated:

“As inflation continues to exceed central banks’ comfort levels worldwide, there’s a anticipation of a prolonged period of elevated interest rates. This scenario is expected to temper current market expectations for an early easing of monetary policies in developed economies, potentially leading to some investor disillusionment.”

Additionally, he mentioned that factors like modest earnings growth and various geopolitical risks are anticipated to weigh down on stock markets.

In his forecast for 2024, he predicts a year of restrained expansion with only marginal growth. The analyst anticipates that the S&P 500 might see modest earnings growth, ranging between 2% and 3%, with the index likely settling around the 4,200 mark, albeit with a slight inclination toward the downside.

Furthermore, the upcoming Bitcoin halving event scheduled for April is viewed as a favorable catalyst expected to propel the price of the leading cryptocurrency later in the year.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

OKX and Polygon Collaborate to Launch X Layer Public Mainnet
16.04.2024By
Curve Founder Nearly Liquidated During Weekend Crypto Crash
16.04.2024By
Ethereum Suffers Most Hacks Among Blockchains in 2024
16.04.2024By

Latest news

OKX and Polygon Collaborate to Launch X Layer Public Mainnet
16.04.2024
Curve Founder Nearly Liquidated During Weekend Crypto Crash
16.04.2024
Ethereum Suffers Most Hacks Among Blockchains in 2024
16.04.2024
BlackRock’s Bitcoin ETF Sees $73M in Inflows as Other Funds Remain Stagnant
16.04.2024
Reserve Bank of Fiji Says Crypto Not Recognised as Legal Tender
16.04.2024
Winklevoss Twins Invest $4.5M in Crypto Podcaster Peter McCormack’s Football Club
15.04.2024
Investor Caution Persists as Digital Asset Investment Products See $126M in Outflows
15.04.2024
Bitcoin Shows Resilience Compared to Broader Crypto Market Despite Sell-Off: Fineqia
15.04.2024
DeFi-Focused Berachain Raises $100M in Funding Round Led by Brevan Howard Digital
15.04.2024
Hong Kong SFC Approves Spot Bitcoin and Ethereum ETFs as Market Rebounds
15.04.2024