Days after Baystreet.ca reported Bitcoin (BTC-USD) breaking out to around $54,000, prices rose to over $57,000. At 6:43 p.m., Reuters reported prices rising above the $60,000 milestone. The rally snowballed quickly to prices not seen in over two years. The spot Bitcoin ETF caused retail investment demand for the biggest cryptocurrency to rise by 42% this month.
The consistent inflow ahead of Bitcoin halving is likely a one-time event. The SEC’s ETF approval happened. From there, Bitcoin prices need to settle when the demand inevitably weakens. For now, crypto fans may enjoy regular updates on the rise in Bitcoin prices.
Coinbase Zero Balance
Cryptocurrency platforms like Coinbase (COIN) need not panic when an issue causes some users to see a zero balance in their accounts. The system glitch is likely due to the surge in crypto trading volume. By 7:50 p.m. yesterday, Coinbase restored services after the outage.
Bitcoin’s rise to the $60,000 level may have triggered above-average algorithmic buying. Coinbase will need to upgrade its systems and review its infrastructure stability. That way, its platform may handle future trading volume surges.
Bitcoin shows no signs of pulling back. If it does, it is nothing new. BTC is typically very volatile. It rises quickly when demand increases sharply and falls when supply increases or selling intensifies. Bitcoin is therefore no different than any physical commodity or currency.
