Bitcoin's Rollercoaster: Soaring to New Highs, Then Taking a Dive – A Recap of Tuesday's Crypto Market Moves

By alberdioni8406 | Barraca Crypto | 6 Mar 2024

What a race for Bitcoin!

The largest and most popular asset continues its trend to reach new highs in the market, and yesterday wasn't different. It jumped to the previous all-time high, reaching more than $69,150, but with a huge sell-off, it returned to less than $64,000 and is now being traded at $63,234.

Yesterday was not only Bitcoin's pump; it was a day where most of the coins saw a significant jump in price and helped the market gain more value. For example, ETH also saw a significant price increase, climbing to $3,800, and ZEC reached an amazing $33 per unit of coin.

Bitcoin is running to highs carried by the hype in the market caused by ETFs, where people discovered an easy and convenient way for them to invest in Bitcoin, benefiting from all that comes with it, even without owning the currency.

**People are by nature lazy** and self-cautious, so if they find a simpler way to invest in Bitcoin without complications like passing through stressful KYC policies demanded by exchanges, being worried about storage, saving their seed, and many other things that users should do in crypto to safeguard their BTC, they will definitely invest through ETFs.

After all, those questions will be secured by the ETF companies, and they will just invest their pennies, secure their spot on the profits, and their life is going well.

BlackRock is the largest asset manager in the world, with more than $10 trillion in customers' funds under management and is actively participating in the offering of Bitcoin ETFs with more than $10 billion in daily trading volume. They are unstoppable in offering this investment opportunity in the American market, and their IBIT shares are seeing some huge inflow of capital more than any other ETF.

The reasons behind the trend in Bitcoin ETFs are many and could come from a desire of people fearing to lose the opportunity, the constant price suppression on Gold (leading people to look around for more investments, and choosing BTC is mostly viable), the constant state of war in the world putting people in a rush to own something that can grant them custody of their money, the never-ending money printing, the huge debt of the U.S, and more, prompting people to bet more on Bitcoin.

People are willing to invest in Bitcoin not due to its usability; let's be honest and state that Bitcoin is practically impossible to use in daily transactions due to fees and lower speed transactions, but in terms of investment, it's reliable mostly because people are following where the money is!

It's all about money for the people; they aren't interested in the tech behind it. They are driven by greed, and that's why we are seeing this inflow of money into Bitcoin. People want assurance that their money won't be beaten by inflation and also gain more purchasing power. Now is the time for Bitcoin, and soon enough, it will be time for altcoins.

If you still doubt this, just remember that people in crypto usually sell their coins for stablecoins when people outside it sell their dollars to buy more satoshis. If Robert Kiyosaki is right, before June, we could see the asset reaching $100,000 and topping up on values never seen before, turning the market into the most powerful on Earth, but that is another story for another day.


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