{"id":581283,"date":"2024-02-28T11:40:02","date_gmt":"2024-02-28T11:40:02","guid":{"rendered":"https:\/\/uniquehot.com\/?p=581283"},"modified":"2024-02-28T11:47:45","modified_gmt":"2024-02-28T11:47:45","slug":"bitcoin-fast-approaching-60000-as-btc-fg-index-hits-extreme-greed-details","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-fast-approaching-60000-as-btc-fg-index-hits-extreme-greed-details\/","title":{"rendered":"Bitcoin Fast Approaching $60,000 As BTC F&G Index Hits ‘Extreme Greed’ – Details"},"content":{"rendered":"

After rising 5% in the last day, Bitcoin (BTC) is now rapidly nearing the coveted $60,000 mark.<\/a> This is because investor interest in the largest cryptocurrency in the world has reached levels last seen during a 2021 boom, bringing it very close to its all-time high.<\/p>\n

Pre-Halving Rally? Bitcoin Nears $60K<\/strong><\/h2>\n

The increase in price coincided with a surge in demand as spot bitcoin exchange-traded funds (ETFs) achieved trading volumes of over $3 billion cumulatively on Tuesday. Additionally, other traders cited the anticipated April bitcoin halving as the source of a fresh narrative that spurs a pre-halving increase.<\/p>\n

The world’s most sought-after digital asset’s market cap has now reached $1.2 trillion, Coingecko data shows.<\/p>\n

\"\"Bitcoin fast approaching the $60K level. Source: Coingecko<\/a><\/pre>\n
Joel Kruger, a market strategist at LMAX Group, stated that the market is “that much more determined to see the level retested and shattered” now that bitcoin is that much closer to retesting its record high.<\/p>\n
Due mostly to the euphoria surrounding a number of spot bitcoin exchange-traded funds that began trading in January, bitcoin has increased by as much as 16% this week and 35% so far this year.<\/p>\n
<\/p>\n
Bitcoin market cap currently at $1.16 trillion. Chart: TradingView.com<\/a><\/pre>\n
Bitcoin reached its highest level since November 2021 when it surpassed $59,000. The objective of the present surge is to see if the price can rise to $68,790, its all-time high. Six months before a stunning crash in 2022, that peak occurred.<\/p>\n
According to Coinglass data<\/a>, futures bets on lower bitcoin prices have taken on $25 million in liquidations since Asian morning hours, which could have contributed to the price rise.<\/p>\n
‘Extreme Greed’ For BTC<\/strong><\/h2>\n
In the meantime, on Wednesday, the Fear and Greed Index\u2014a sentiment indicator that measures how quickly asset movement deviates from underlying fundamentals\u2014flashed 82, signaling “extreme greed”<\/a> and hitting its highest level in more than a year.<\/p>\n
\"\"<\/p>\n
Source: Alernative.me<\/a><\/pre>\n
A scale of 0 to 100 represents the most anxious and 100 is the most greedy on the index. According to the index’s creators, an environment that is hungry is indicative of exuberance and shows the market is due for a correction.<\/p>\n
Since the ETFs started trading on January 11, Bitcoin has increased by 24%. The current upward trend in pricing, according to Bitwise Asset Management analyst Ryan Rasmussen, is merely the beginning.<\/p>\n
\n
“The demand that ETFs are generating for the spot bitcoin market is substantially greater than the daily production of fresh supply,” he stated.<\/h4>\n<\/blockquote>\n
In the end, Rasmussen stated:<\/p>\n
\n
“What we’re witnessing is cryptocurrency kind of rising from the ashes of the 2022 market.”<\/h4>\n<\/blockquote>\n
The volume of bitcoin trades made thus far this quarter has exceeded the totals for each quarter of 2023 for the same period. Major cryptocurrency trading platforms like Coinbase Global (COIN) and Robinhood (HOOD) have benefited greatly from this activity. Between the start of January and now, those stocks have increased by 27% and 31%, respectively.<\/p>\n
Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
After rising 5% in the last day, Bitcoin (BTC) is now rapidly nearing the coveted $60,000 mark. This is because investor interest in the largest cryptocurrency in the world has reached levels last seen during a 2021 boom, bringing it very close to its all-time high. Pre-Halving Rally? Bitcoin Nears $60K The increase in price coincided with a surge in demand as spot bitcoin exchange-traded funds (ETFs) achieved trading volumes of over $3 billion cumulatively on Tuesday. Additionally, other traders cited the anticipated April bitcoin halving as the source of a fresh narrative that spurs a pre-halving increase. The world’s most sought-after digital asset’s market cap has now reached $1.2 trillion, Coingecko data shows. Bitcoin fast approaching the $60K level. Source: Coingecko Joel Kruger, a market strategist at LMAX Group, stated that the market is “that much more determined to see the level retested and shattered” now that bitcoin is that much closer to retesting its record high. Due mostly to the euphoria surrounding a number of spot bitcoin exchange-traded funds that began trading in January, bitcoin has increased by as much as 16% this week and 35% so far this year. Bitcoin market cap currently at $1.16 trillion. Chart: TradingView.com Bitcoin reached its highest level since November 2021 when it surpassed $59,000. The objective of the present surge is to see if the price can rise to $68,790, its all-time high. Six months before a stunning crash in 2022, that peak occurred. According to Coinglass data, futures bets on lower bitcoin prices have taken on $25 million in liquidations since Asian morning hours, which could have contributed to the price rise. ‘Extreme Greed’ For BTC In the meantime, on Wednesday, the Fear and Greed Index\u2014a sentiment indicator that measures how quickly asset movement deviates from underlying fundamentals\u2014flashed 82, signaling “extreme greed” and hitting its highest level in more than a year. Source: Alernative.me A scale of 0 to 100 represents the most anxious and 100 is the most greedy on the index. According to the index’s creators, an environment that is hungry is indicative of exuberance and shows the market is due for a correction. Since the ETFs started trading on January 11, Bitcoin has increased by 24%. The current upward trend in pricing, according to Bitwise Asset Management analyst Ryan Rasmussen, is merely the beginning. “The demand that ETFs are generating for the spot bitcoin market is substantially greater than the daily production of fresh supply,” he stated. In the end, Rasmussen stated: “What we’re witnessing is cryptocurrency kind of rising from the ashes of the 2022 market.” The volume of bitcoin trades made thus far this quarter has exceeded the totals for each quarter of 2023 for the same period. Major cryptocurrency trading platforms like Coinbase Global (COIN) and Robinhood (HOOD) have benefited greatly from this activity. Between the start of January and now, those stocks have increased by 27% and 31%, respectively. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":581450,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,1144,6664,1944,8080],"class_list":["post-581283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-crypto","tag-etf","tag-halving"],"acf":[],"yoast_head":"\nBitcoin Inches Away From $60,000 As BTC Hits 'Extreme Greed'<\/title>\n<meta name=\"description\" content=\"After rising 5% in the last day, Bitcoin (BTC) is now rapidly nearing the coveted $60,000 mark. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Fast Approaching $60,000 As BTC F&G Index Hits ‘Extreme Greed’ – Details","url":"http:\/\/uniquehot.com\/news\/bitcoin-fast-approaching-60000-as-btc-fg-index-hits-extreme-greed-details\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-fast-approaching-60000-as-btc-fg-index-hits-extreme-greed-details\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/a_17fc78.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/a_17fc78.jpeg?fit=1125%2C750"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","crypto","etf","halving"],"dateCreated":"2024-02-28T11:40:02Z","datePublished":"2024-02-28T11:40:02Z","dateModified":"2024-02-28T11:47:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Fast Approaching $60,000 As BTC F&G Index Hits ‘Extreme Greed’ – Details\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-fast-approaching-60000-as-btc-fg-index-hits-extreme-greed-details\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-fast-approaching-60000-as-btc-fg-index-hits-extreme-greed-details\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/a_17fc78.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/a_17fc78.jpeg?fit=1125%2C750\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"crypto\",\"etf\",\"halving\"],\"dateCreated\":\"2024-02-28T11:40:02Z\",\"datePublished\":\"2024-02-28T11:40:02Z\",\"dateModified\":\"2024-02-28T11:47:45Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/a_17fc78.jpeg?fit=1125%2C750","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/581283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=581283"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/581283\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/581450"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=581283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=581283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=581283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}