The price of itcoin">Bitcoin has continued surging in 2024, with the cryptocurrency rising above $55,000 in a massive move. BTC is up over 6% in the last 24 hours, defying recent predictions of an impending price correction.
There have been several developments over the past week that likely contributed to itcoin">Bitcoin’s ascent. On Friday, Donald Trump said he could “live with” itcoin">Bitcoin, marking a reversal for the likely 2024 Republican nominee. His comments point to crypto becoming a bigger political issue.
Additionally, MicroStrategy completed another BTC purchase today led by CEO Michael Saylor. The firm bought 3,000 more itcoin">Bitcoin, bringing its total holdings to around 193,000.
Crypto investment products also saw inflows near $600 million last week, led by the newly approved itcoin">Bitcoin ETFs. Per CoinShares, year-to-date inflows have exceeded $5.7 billion already, accounting for over 50% of 2021’s record total.
With positive sentiment propelling its price higher, itcoin">Bitcoin seems poised to continue its 2023 bull run as it cements its place in the mainstream financial landscape.
