A recent tweet by Binance CEO CZ highlighted Bitcoin’s volatile price and growing utility. The tweet coincided with the Bitcoin price reaching its highest level since June 2022, surging above $31,450. This increase was attributed to the SEC’s approval of the Volatility Shares 2x Bitcoin Strategy ETF, known as BITX, which is the first leveraged Bitcoin futures ETF in the United States. Also, the bullish trend supported by BlackRock further strengthened the crypto market.
Binance CEO talks about the benefits of Bitcoin
The utility of Bitcoin has grown over the years as more traders and service providers accept Bitcoin as a form of payment. In addition, there has also been an increase in Bitcoin futures and options, lending platforms, and decentralized finance (DeFi) applications. The SEC’s approval of the Volatility Shares 2x Bitcoin Strategy ETF (BITX) expands the use of Bitcoin as an investment asset. CZ said on Twitter:
Bitcoin price fluctuates. Its benefits are increasing.
According to Glassnode, the rise in Bitcoin’s price and usage has led to a remarkable milestone. The number of non-zero Bitcoin addresses reached a record 44 million, marking a new and unique chapter in Bitcoin history.
What to expect in Bitcoin price?
After Fidelity applied for the Spot ETF, Bitcoin surged above $31,000, with 24-hour trading volume of $23,666,097,117, currently at $30,424.05. After the massive price surge that took Bitcoin from $26,500 to over $31,000 last week, the crypto has calmed down. It stayed in a narrower range between $30,000 and $31,000. It tried to top the latter yesterday when the bulls pushed it to the daily high of $31,250. Despite failing there, it only lost $200 initially and remained above $31,000 for several hours.
However, that all changed after a WSJ report emerged claiming that the SEC had evaluated recent BTC Spot ETF filings from companies like BlackRock and Fidelity as “inadequate”. BTC, which fell to $ 29,000, is again above $ 30,000 at the time of writing. While Bitcoin continues to attract attention, another important event on the horizon is Bitcoin’s halving. The 4th halving, which is expected to occur between April or May 2024, will mark a decrease in block rewards from 6.25 BTC to 3.125 BTC at block height 840,000.
Bitcoin has yet to regain its all-time high of $68,789.63, which it reached on November 10, 2021. It even experienced a 55.76 drop at this level. However, despite this setback, it showed resilience. Bitcoin’s all-time low occurred 13 years ago on July 14, 2010, when it hit $0.04865. Since then, Bitcoin has shown an astonishing recovery, gaining an astonishing 62,553,511.59%.
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