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By Alex Kuptsikevich
Bitcoin surpassed $42K on Monday, adding more than $2,000. The last time Bitcoin traded above $40K was in April 2022, before the collapse of the Terra ecosystem triggered a massive crypto market crash. Financial markets are seeing a second day of risk aversion, which has kicked off profit-taking in cryptos.
Bitcoin is losing 1.5% to $41.5K so far on Tuesday after a short squeeze into the $42.4K area. A broader move of profit-taking could take the price back to $40K before attracting new buyers.
According to CoinShares, crypto fund investments rose by $176 million last week; significant inflows continued for the sixth week in a row and the tenth week overall. Bitcoin investments increased by $133 million, Ethereum by $31 million, and Solana by $4.3 million.
Investments in crypto funds reached $1.76bn or 4% of assets under management in 10 weeks, the highest since October 2021 when the US futures ETF was launched. Trading volumes on ETPs remain strong at $2.6bn, CoinShares noted.
Ledger CEO Pascal Gauthier, Lightspark CEO David Marcus and top CoinDCX exchange manager Vijay Aiyar told CNBC that they expect Bitcoin to rise to $100,000 in 2024.
Bitcoin will breach the $100K level before the upcoming halving in April 2024, according to industry veteran and Blockstream CEO Adam Back. Regarding the long-term movement of digital gold quotes, the entrepreneur agreed with BitMEX co-founder Arthur Hayes' view of reaching levels between $750K and $1 million by 2026.
El Salvador's investment in Bitcoin has fully paid off, with an unrealised profit of more than $3m, the country's president Nayib Bukele said. El Salvador has no plans to sell digital assets and intends to pursue a "long-term strategy," he said. The country currently owns 3,144 BTC ($130 million).
One of the main critics of the world's first cryptocurrency, Peter Schiff, said that the speculative frenzy around bitcoin-ETFs will soon end, and Bitcoin's collapse will be more impressive than its rally of recent months.
About the author
Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
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