Crypto | March 8, 2024

Image: Trading View

Bitcoin touched $70,000 USD and reached a new all time high (ATH), while Ethereum has notched a new milestone by hitting $4,000 USD

Bitcoin’s ascent to $70,000 marks a historic moment, reflecting a year of substantial gains fueled by increased institutional investment, broader acceptance among retail investors, and a growing perception of Bitcoin as a viable hedge against inflation. This surge is part of a broader bullish trend in the cryptocurrency market, driven by the launch of a wide range of Bitcoin ETFs, technological advancements, more regulatory clarity (in some jurisdictions), the removal of many bad actors, and the increasing integration of blockchain technology into financial services.  Note, shortly after touching $70,000 price, the price swiftly receded and is currently trading around $66,500 likely due to profit taking and increased speculation.

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Ethereum’s rise to $4,000 is equally significant, underscored by its central role in the burgeoning decentralized finance (DeFi) sector and the explosive growth of non-fungible tokens (NFTs). The Ethereum blockchain’s smart contract functionality has become a cornerstone for these applications, driving demand and increasing the value of ETH.

Outlook

Despite the much anticipated volatility, the future looks promising for Bitcoin, Ethereum, and the broader cryptocurrency market.  Investors are cautioned to remain vigilant, as the market’s inherent volatility can lead to significant fluctuations in value. As the digital currency landscape evolves, Bitcoin and Ethereum’s recent milestones are just the beginning of a new era in finance.

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• Source: https://ncfacanada.org/bitcoin-reaches-ath-70k-ethereum-hits-4k-high/