{"id":597271,"date":"2024-03-11T08:50:17","date_gmt":"2024-03-11T08:50:17","guid":{"rendered":"https:\/\/wncen.com\/?p=597271"},"modified":"2024-06-11T07:05:24","modified_gmt":"2024-06-11T07:05:24","slug":"bitcoin-price-skyrockets-past-71000-heres-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-skyrockets-past-71000-heres-why\/","title":{"rendered":"Bitcoin Price Skyrockets Past $71,000: 4 Key Reasons"},"content":{"rendered":"<p>With the start of the European trading hour, Bitcoin (BTC) has surged past the significant milestone of $71,000, exceeding its previous all-time high set just last week. This surge can be attributed to a combination of factors that have bolstered investor confidence and triggered a wave of buying activity across the cryptocurrency market. Here\u2019s a closer examination of the four key factors driving this unprecedented rally.<\/p>\n<h2>#1 London Stock Exchange Embraces Bitcoin And Ethereum ETNs<\/h2>\n<p>Reported by Bloomberg just prior to the price surge, the London Stock Exchange (LSE) has announced its plans to accept applications for the admission of Bitcoin and Ethereum Exchange-Traded Notes (ETNs) in the second quarter of the year.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">*LSE TO ACCEPT APPLICATIONS FOR BITCOIN, ETHEREUM ETN ADMISSION: BBG<\/p>\n<p>&mdash; Tree News (@News_Of_Alpha) <a href=\"https:\/\/twitter.com\/News_Of_Alpha\/status\/05439060?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 11, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While the exact launch date remains unconfirmed, this move signifies a major step towards mainstream financial markets&#8217; acceptance of cryptocurrencies. The inclusion of crypto ETNs on one of the world&#8217;s oldest stock exchanges underscores the growing institutional interest in digital assets and is anticipated to attract a new wave of investors to the crypto market.<\/p>\n<h3>#2 The Impact Of A Short Squeeze<\/h3>\n<p>Predictions of a short squeeze propelling Bitcoin prices to new heights came to fruition, as forecasted by traditional finance portfolio manager Bitcoin Munger (@bitcoinmunger) on X. &#8220;We likely start the week off with a bang, courtesy of the short sellers looking to get squeezed at $70k. New highs are incoming,&#8221; Munger predicted.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We likely start the week off with a bang, courtesy of the short sellers looking to get squeezed at $70k.<\/p>\n<p>New highs are incoming. Tick tock! <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> <a href=\"https:\/\/t.co\/OFiNmlmc9Y\" rel=\"nofollow\">pic.twitter.com\/OFiNmlmc9Y<\/a><\/p>\n<p>&mdash; Bitcoin Munger (@bitcoinmunger) <a href=\"https:\/\/twitter.com\/bitcoinmunger\/status\/51829826?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 10, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This was evidenced by the liquidation of approximately $23.5 million in short positions during Bitcoin&#8217;s ascent to $71,000, as per Coinglass <a href=\"https:\/\/www.coinglass.com\/LiquidationData\" target=\"_blank\" rel=\"noopener nofollow\">data<\/a>.<\/p>\n<h3>#3 Tether&#8217;s Role In Capital Influx<\/h3>\n<p>New money was entering the market over the weekend, and last week. Leading stablecoin<a href=\"https:\/\/wncen.com\/tether\/what-is-usdt-tether-stablecoin-cryptocurrency\/\" target=\"_blank\" rel=\"noopener \"> Tether (USDT)<\/a> was minted, as on-chain analysis firm Lookonchain reported: &#8220;The Tether Treasury minted 2 billion USDT again [yesterday]! And 5 billion USDT has been minted on Tron and Ethereum in just one week!&#8221; reported on-chain analysis firm Lookonchain.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-to-240000-analyst-cites-key-narrative-as-catalyst\/\" target=\"_blank\" rel=\"noopener \">Bitcoin To $240,000: Analyst Cites Key Narrative As Catalyst<\/a><\/div>\n<p>One notable transaction involved a whale or institution receiving 261.6 million USDT from the Tether Treasury and depositing it into the Binance exchange, suggesting substantial preparatory activity for major trading operations.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">After <a href=\"https:\/\/twitter.com\/hashtag\/TetherTreasury?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#TetherTreasury<\/a> minted 2B <a href=\"https:\/\/twitter.com\/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$USDT<\/a>, a whale\/institution received 261.6M <a href=\"https:\/\/twitter.com\/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$USDT<\/a> from <a href=\"https:\/\/twitter.com\/hashtag\/TetherTreasury?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#TetherTreasury<\/a> and deposited it into <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Binance<\/a>.<a href=\"https:\/\/t.co\/ohBcxqbrzT\" rel=\"nofollow\">https:\/\/t.co\/ohBcxqbrzT<\/a><a href=\"https:\/\/t.co\/Cxs2WfFPCn\" rel=\"nofollow\">https:\/\/t.co\/Cxs2WfFPCn<\/a> <a href=\"https:\/\/t.co\/fvL7Cz5Tvv\" rel=\"nofollow\">pic.twitter.com\/fvL7Cz5Tvv<\/a><\/p>\n<p>&mdash; Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/37825754?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 11, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3>#4 Surging Demand For Bitcoin ETFs<\/h3>\n<p>The enthusiasm surrounding<a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-etf-frenzy-blackrock-smashes-expectations-with-788-million-inflows-in-one-day\/\" target=\"_blank\" rel=\"noopener \"> Bitcoin Exchange-Traded Funds (ETFs)<\/a> in the United States has been extraordinary. &#8220;Bitcoin ETFs have attracted more than $7.5 billion in net new assets since launching in the US on January 11, making many of them among the most successful ETF launches of all time,&#8221; <a href=\"https:\/\/twitter.com\/BitwiseInvest\/status\/11973474\" target=\"_blank\" rel=\"noopener nofollow\">noted<\/a> Matt Hougan, CIO of Bitwise, in a memo to investment professionals.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-inverse-head-shoulders-pattern-76000\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Forms Inverse Head And Shoulders Pattern, Eyes $76,000<\/a><\/div>\n<p>Hougan further detailed, &#8220;At Bitwise, we&#8217;ve engaged with registered investment advisors (RIAs), family offices, and venture capital funds among our current buyers. Looking forward, we&#8217;re in discussions with major wirehouses, institutional consultants, and large corporations, which represent trillions of dollars in assets.&#8221;<\/p>\n<p>This insight underscores a <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-etf-breaks-records-blackrocks-ibit-joins-elite-10-billion-club-amidst-soaring-demand\/\" target=\"_blank\" rel=\"noopener \">growing confidence<\/a> in Bitcoin ETFs as a mainstream investment option, with expectations of significant capital inflows from these entities starting in the second quarter of 2024, indicating a bullish outlook for Bitcoin\u2019s future. He stated\u00a0&#8220;Based on current trends, I\u2019d suspect we\u2019ll see our first significant flows from [major wirehouses, institutional consultants, and large corporations] in Q2 2024.&#8221;<\/p>\n<p>At press time, BTC traded at $71,296.<\/p>\n<figure id=\"attachment_597278\" aria-describedby=\"caption-attachment-597278\" style=\"width: 3628px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-597278 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-11_09-37-16.png?resize=3628%2C1673\" alt=\"Bitcoin price\" width=\"3628\" height=\"1673\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-11_09-37-16.png?w=3628 3628w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-11_09-37-16.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-11_09-37-16.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-11_09-37-16.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-11_09-37-16.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-11_09-37-16.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-11_09-37-16.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-11_09-37-16.png?w=1140 1140w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-11_09-37-16.png?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-597278\" class=\"wp-caption-text\">BTC price in discovery mode, 1-hourchart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/OUfllRhJ\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>With the start of the European trading hour, Bitcoin (BTC) has surged past the significant milestone of $71,000, exceeding its previous all-time high set just last week. This surge can be attributed to a combination of factors that have bolstered investor confidence and triggered a wave of buying activity across the cryptocurrency market. Here\u2019s a closer examination of the four key factors driving this unprecedented rally. #1 London Stock Exchange Embraces Bitcoin And Ethereum ETNs Reported by Bloomberg just prior to the price surge, the London Stock Exchange (LSE) has announced its plans to accept applications for the admission of Bitcoin and Ethereum Exchange-Traded Notes (ETNs) in the second quarter of the year. *LSE TO ACCEPT APPLICATIONS FOR BITCOIN, ETHEREUM ETN ADMISSION: BBG &mdash; Tree News (@News_Of_Alpha) March 11, 2024 While the exact launch date remains unconfirmed, this move signifies a major step towards mainstream financial markets&#8217; acceptance of cryptocurrencies. The inclusion of crypto ETNs on one of the world&#8217;s oldest stock exchanges underscores the growing institutional interest in digital assets and is anticipated to attract a new wave of investors to the crypto market. #2 The Impact Of A Short Squeeze Predictions of a short squeeze propelling Bitcoin prices to new heights came to fruition, as forecasted by traditional finance portfolio manager Bitcoin Munger (@bitcoinmunger) on X. &#8220;We likely start the week off with a bang, courtesy of the short sellers looking to get squeezed at $70k. New highs are incoming,&#8221; Munger predicted. We likely start the week off with a bang, courtesy of the short sellers looking to get squeezed at $70k. New highs are incoming. Tick tock! #bitcoin pic.twitter.com\/OFiNmlmc9Y &mdash; Bitcoin Munger (@bitcoinmunger) March 10, 2024 This was evidenced by the liquidation of approximately $23.5 million in short positions during Bitcoin&#8217;s ascent to $71,000, as per Coinglass data. #3 Tether&#8217;s Role In Capital Influx New money was entering the market over the weekend, and last week. Leading stablecoin Tether (USDT) was minted, as on-chain analysis firm Lookonchain reported: &#8220;The Tether Treasury minted 2 billion USDT again [yesterday]! And 5 billion USDT has been minted on Tron and Ethereum in just one week!&#8221; reported on-chain analysis firm Lookonchain. Related Reading: Bitcoin To $240,000: Analyst Cites Key Narrative As Catalyst One notable transaction involved a whale or institution receiving 261.6 million USDT from the Tether Treasury and depositing it into the Binance exchange, suggesting substantial preparatory activity for major trading operations. After #TetherTreasury minted 2B $USDT, a whale\/institution received 261.6M $USDT from #TetherTreasury and deposited it into #Binance.https:\/\/t.co\/ohBcxqbrzThttps:\/\/t.co\/Cxs2WfFPCn pic.twitter.com\/fvL7Cz5Tvv &mdash; Lookonchain (@lookonchain) March 11, 2024 #4 Surging Demand For Bitcoin ETFs The enthusiasm surrounding Bitcoin Exchange-Traded Funds (ETFs) in the United States has been extraordinary. &#8220;Bitcoin ETFs have attracted more than $7.5 billion in net new assets since launching in the US on January 11, making many of them among the most successful ETF launches of all time,&#8221; noted Matt Hougan, CIO of Bitwise, in a memo to investment professionals. Related Reading: Bitcoin Price Forms Inverse Head And Shoulders Pattern, Eyes $76,000 Hougan further detailed, &#8220;At Bitwise, we&#8217;ve engaged with registered investment advisors (RIAs), family offices, and venture capital funds among our current buyers. Looking forward, we&#8217;re in discussions with major wirehouses, institutional consultants, and large corporations, which represent trillions of dollars in assets.&#8221; This insight underscores a growing confidence in Bitcoin ETFs as a mainstream investment option, with expectations of significant capital inflows from these entities starting in the second quarter of 2024, indicating a bullish outlook for Bitcoin\u2019s future. He stated\u00a0&#8220;Based on current trends, I\u2019d suspect we\u2019ll see our first significant flows from [major wirehouses, institutional consultants, and large corporations] in Q2 2024.&#8221; At press time, BTC traded at $71,296. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":597277,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,1144],"class_list":["post-597271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Skyrockets Past $71,000: 4 Key Reasons<\/title>\n<meta name=\"description\" content=\"With the start of the European trading hour, Bitcoin has surged past $71,000, exceeding its previous all-time high set just last week.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Simmons\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g\",\"caption\":\"Jake Simmons\"},\"description\":\"Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. 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