In the latest Bitcoin news investors had reason to celebrate as a new week started. After a 10-day dip, Bitcoin has surged back above $70,000. The renewed vigor in BTC’s price action signals a resurgence of momentum as the market continues to climb, with bulls now looking for fresh new highs and price discovery.

Source: Brave New Coin Bitcoin Liquid Index

As the last week of March commences, Bitcoin finds itself on the cusp of fresh all-time highs. The sudden resurgence of Bitcoin starkly contrasts with the somber atmosphere of the previous week, characterized by significant losses. The retracement from the recent peak near $73,000, reached 17% at one point, induced anxiety among traders. Although this correction remains relatively modest by bull market standards, it triggered apprehension across the market.

However, Monday’s rally hinted at a potential conclusion to the recent downturn in the cryptocurrency market. Last week, Bitcoin experienced a dip below $61,000 from its record highs above $73,000. Additionally, there was subdued interest in new U.S.-listed spot bitcoin ETFs, coupled with increased selling of Grayscale’s GBTC fund. Nonetheless, the robust surge on Monday suggested a shift in sentiment, potentially marking the end of the correction phase.

$1 Million BTC

Cathie Wood, the CEO of Ark Invest, has hailed Bitcoin as a “financial superhighway,” highlighting its pivotal role in emerging markets. Speaking at the Bitcoin Investor Day conference in New York, Wood emphasized the significant use cases of the cryptocurrency, particularly in regions facing economic uncertainties.

Wood, whose firm recently launched a spot bitcoin exchange-traded fund (ETF) called ARKB, underscored Ark Invest’s focus on emerging markets and the global macroeconomic landscape. She noted the impact of the U.S. Federal Reserve’s interest rate hikes on the worldwide macro environment, describing it as a shock to the system.

Addressing the challenges faced by countries like Nigeria, where Bitcoin adoption is high due to currency depreciation, Wood characterized Bitcoin as both a risk-off and a risk-on asset. She highlighted Bitcoin’s appeal as a safe haven in times of economic turmoil while also acknowledging its potential for growth in risk-seeking environments.

Ark’s spot bitcoin ETF has emerged as one of the top performers among the ten funds launched in January. Wood expressed optimism about the future of Bitcoin, suggesting that with increasing institutional participation, the cryptocurrency’s price could soar above $3.5 million. However, she refrained from providing a specific price target, emphasizing instead the long-term potential of Bitcoin.

“Bitcoin has miles to go,” Wood remarked, referencing her previous price target of $1.5 million. Her comments reflect the growing confidence in Bitcoin’s trajectory and its ability to navigate the evolving landscape of global finance.

Earlier this month in an interview with the New…

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