Bitcoin touches 64K: Has it found its footing?

  • Bitcoin’s value surged past $63,000, indicating potential stability above $60,000 amid anticipation for the upcoming halving in April.
  • The introduction of U.S. spot Bitcoin ETFs, attracting $195 million daily in February, suggests growing investor interest.

On January 22, CNBC’s Jim Cramer said that it was ” Unlikely that bitcoin finds its footing”. 

However, Bitcoin reached over $63,000 on Wednesday, marking its highest value since late 2021, even briefly touching $64,000 before turning a little lower.   

As the Bitcoin halving in April approaches, reducing its issuance by half, there is anticipation that the decreasing supply won’t meet rising demand, and helping Bitcoin find its footing above 60K.   

According to Zach Pandl, head of research at Grayscale Investments, The introduction of U.S. spot Bitcoin ETFs has attracted an average of $195 million daily in February, surpassing the current daily production of around 900 Bitcoins, valued at approximately $54 million (at a $60,000 price).  

Bitcoin’s Open Interest has now reached above $25 billion, rising consistently since the 6th of February.  

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