Bitcoin (BTC) rose for the fifth day in a row, passing the $47,000 milestone early Friday. CoinDesk 20 Index The largest cryptocurrency index (CD20) increased by 4%. The largest cryptocurrency by market capitalization hits a one-month high as East Asia celebrates its biggest festival of the year, the Year of the Dragon, and the start of what is considered one of the luckiest periods in the Chinese zodiac. reached. In Mandarin, the word for dragon is pronounced the same as “long” and has gained memetic value among crypto traders. Some analysts predict that the cryptocurrency will rise to $50,000 by the end of the week. Some believe it could even reach $53,000 to $55,000 by the time of the cryptocurrency’s halving in April.
Virtual currency-related listed companies Indicated Bitcoin’s rise expands, and Friday’s pre-market trading rises steadily. Bitcoin miner CleanSpark (CLSK) led the way, up nearly 20% as of 10:15 UTC. The company reported a profit of $25.9 million in its first quarter results on Thursday, compared with a loss of $29 million a year earlier. Riot Platforms (RIOT) and Marathon Digital Holdings (MARA) also rose, rising 7% and 8%, respectively. Broker Bernstein said mining stocks are the recommended entry point for Bitcoin exposure ahead of the upcoming halving. During a halving, the rewards miners receive from new coins are reduced by 50%. The company selected CLSK and RIOT as preferred stocks in a research report on Thursday.
Investigation of major bank JP Morgan found 78% of institutional traders do not plan to trade cryptocurrencies in the next five years and believe blockchain/distributed ledger technology (DLT) will be the most influential technology in shaping the future of trading only a small group of Over the next three years. The bank interviewed more than 4,000 institutional investors for its 2024 e-Trading annual survey. The study covers upcoming trends and hot topics in the trading sector. Participants seemed less enthusiastic about blockchain technology in 2024 compared to the past two years.