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The value of the top cryptocurrency Bitcoin increased by over 23% this month, surpassing the $52,000 threshold for the first time since December 2021. According to a report by Matrixport, 12% of this increase occurred during US trading hours.
Other regions made notable contributions to Bitcoin’s ascent this month, with Europe accounting for 7% and Asia for 4% of the cryptocurrency’s 23% monthly rise, as revealed by Matrixport.
The bulk of trading activity took place during US trading hours, following the US Securities Exchange Commission’s approval of a series of spot Bitcoin exchange-traded funds, which opened the doors for billions of dollars in inflows from institutional investors.
#Bitcoin prices have risen by +23% over the past month, with 12% of that growth occurring during #US trading hours. While US buying activity appears to be the most significant, all regions are contributing positively to Bitcoin’s price development.
Access the full chart for insights:… pic.twitter.com/1TUCpQDhEp
— Matrixport (@realMatrixport) February 26, 2024
Investors Shifting to Safe Haven Assets like Bitcoin
Bitcoin is becoming increasingly recognized as a viable option for portfolio diversification in a macroeconomic environment marked by persistent inflation, according to analysts.
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Jag Kooner, the Head of Derivatives at Bitfinex, pointed out that various macroeconomic challenges expected in 2024 could enhance the safe-haven attractiveness of assets such as Bitcoin, gold, and silver. In a statement sent via email to CryptoNews, the analyst remarked:
“With inflation remaining above the comfort levels of central banks worldwide, there’s an expectation of a prolonged period of high interest rates. This scenario is likely to temper current market expectations for an early relaxation of monetary policies in developed markets, potentially resulting in some investor disillusionment.”
He further noted that elements such as modest earnings growth and various geopolitical risks are anticipated to apply downward pressure on stock markets.
Forecasting a year of limited growth, his perspective for 2024 predicts only slight expansion. The analyst suggests that the S&P 500 may see modest earnings growth, ranging between 2% and 3%, ultimately stabilizing around the 4,200 level for the index, though with a slight tendency toward the downside.
The forthcoming Bitcoin halvening event scheduled for April is also viewed as a favorable catalyst that could propel the price of the leading cryptocurrency later this year.
The post US Trading Hours Drive 12% of Bitcoin’s 23% Monthly Gain: Matrixport appeared first on Cryptonews.
