Bitcoin Up 3.5% To $71,700, Pushing Ethereum And Crypto Stocks Higher

Zinger Key Points
  • U.S. crypto stocks surge as Bitcoin spikes to $72,000 ahead of the anticipated halving event.
  • Coinshares report reveals digital asset investments hit a record $646 million in inflows last week, totaling $13.8 billion year-to-date.

Bitcoin BTC/USD is up 3.5% over the past 24 hours, as market participants are eyeing all-time highs ahead of the upcoming Bitcoin halving event

What Happened: Bitcoin spiked to a high of $72,777 in Monday morning trading, trading at $71,700 at the time of writing.

Ethereum ETH/USD is up 5.3% on the day, trading at $3,638.

Meanwhile, U.S. crypto-related stocks are poised for a buoyant start to the week.

Notably, Coinbase Inc. COIN, the sole U.S.-based publicly traded crypto exchange, witnessed a pre-market increase of 4.9%, while MicroStrategy MSTR, recognized for its substantial Bitcoin holdings, is up 5.2%.

Furthermore, BlackRock’s Bitcoin ETF IBIT saw a 6.6% uptick.

The halving event, a pivotal moment that slashes Bitcoin mining rewards by half to 3.125 BTC per block, is expected to further influence market dynamics.

Also Read: Why Ripple CEO Brad Garlinghouse Predicts A $5 Trillion Crypto Market Cap In 2024

Why It Matters: A report on Monday shed light on the continued positive sentiment within digital asset investments, with inflows reaching a record $646 million last week, pushing the year-to-date total to an unprecedented $13.8 billion.

This surpasses the previous record of $10.6 billion in 2021.

Despite this, the report notes a tempering in ETF investor appetite and a decrease in weekly investment volumes compared to early March.

Investor sentiment shows significant regional variations, with the U.S., Brazil, Hong Kong, and Germany experiencing notable inflows, whereas Switzerland and Canada faced outflows.

Bitcoin remains the primary focus of investor interest, attracting $663 million in inflows, whereas Ethereum has seen outflows for four consecutive weeks, contrasting with positive inflows into altcoins like Litecoin, Solana, and Filecoin.

What’s Next: These developments in the cryptocurrency market, especially in the lead-up to the Bitcoin halving, are set to be a central theme at Benzinga’s upcoming Future of Digital Assets conference on Nov. 19.

The event will delve into the ramifications of such pivotal moments in the crypto space, exploring the broader impact on investment trends, market sentiment, and the evolving landscape of digital asset regulations and opportunities.

Read Next: Memecoin Mania Meets Social Media: BONSAI Blooms On Lens Protocol With $1M Raise

Image created using artificial intelligence with Midjourney.

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