Bitcoin breaks above $44k for first time since ETF market mania

BTC’s price began to surge during late-afternoon trading hours in the US

February 7, 2024 05:11 pm

Sasin Paraksa/Shutterstock modified by Blockworks

The price of bitcoin is back above $44,000.

Market data shows that the price began to break out of its range around 4 pm ET.

At press time, the price was trading around $44,170 on Coinbase, according to TradingView, after reaching a local high of $44,430.

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Source: TradingView

The cryptocurrency last traded above $44,000 on Jan. 12 amid the market mania around spot ETFs. Last month, the Securities and Exchange Commission granted approval to a group of ETFs after a protracted regulatory process. The price of bitcoin gyrated during that period and at one point climbed above $48,000.

Today’s move represents a notable breakout, given the relatively moribund trading seen in recent days. As Blockworks’ Casey Wagner reported this week, major cryptos like BTC and ETH were either flat or seeing minor gains amid speculation about future moves by the US Federal Reserve.

“It is important to note that bitcoin has been resilient over the last week despite higher US interest rates and a stronger US dollar,” Zach Pandl, Grayscale’s managing director of research, said earlier this week.

The exact catalyst for today’s price action isn’t clear. Coinbase’s stock climbed 1.9% today, while the Nasdaq overall rose 0.9%.

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