webfact Posted February 29 Share Posted February 29 Bitcoin’s value soared to over 2 million baht on the Bitkub digital asset exchange, as global prices reached an all-time high of US$59,000 yesterday afternoon. This surge is due to the institutional acquisition of spot Bitcoin exchange-traded funds (ETFs) and a growing interest in cryptocurrency among retail investors. Udomsak Rakwongwan, co-founder of decentralised derivatives platform FWX, and Mathematics lecturer at Kasetsart University, highlighted the impressive increase in Bitcoin’s value, which has nearly tripled in a year, ahead of the anticipated halving in April, reported Bangkok Post. According to Udomsak, the industry is currently in a pre-halving recovery stage. He noted that the trend has remained consistent throughout Bitcoin’s existence. “Conversations with industry leaders at many global crypto events I attended reveal a consensus on market recovery timelines and behaviours. This has resulted in strategic Bitcoin accumulation and increased marketing expenditures by crypto giants, both of which amplify demand.” Udomsak pointed to the likelihood of an increased money supply and potential economic stimulus in the US, particularly ahead of the next presidential election in November, as factors that could boost Bitcoin’s value further. BlackRock and Fidelity, among the world’s largest mutual fund companies, have accumulated over US$12 billion in Bitcoin ETFs. Udomsak identified this steady inflow as a sign of strong confidence from traditional and institutional investors in Bitcoin’s future. Retail investor interest JPMorgan Chase, a global investment bank, attributed the recent surge in popular cryptocurrencies such as Bitcoin and Ethereum to a revival of retail investor interest. “The revival of the retail impulse in February perhaps reflects the anticipation of three main crypto catalysts over the coming months: the Bitcoin halving event, the next major upgrade of the Ethereum network, and the prospect of approval of spot Ethereum ETFs by the US Securities and Exchange Commission in May.” These strategists highlighted recent reports from Paypal, Block Inc., and Robinhood Markets Inc., which showed a net increase in Bitcoin purchases by their customers in the fourth quarter of 2023. This rise in retail activity coincided with Coinbase, a major US crypto exchange, reporting its highest quarterly Bitcoin trading volume in two years. Bitkub Capital Group Holdings noted that the cryptocurrency market capitalisation has skyrocketed to over US$1.8 trillion. Investors were warned to exercise caution with Bitcoin investments due to the rapid price increase. Udomsak observed that the ideal buying opportunity before the halving has already passed, but the pattern suggests potential growth in the post-halving year. He warned, however, that the impact of each halving lessens as the number of investors increases. by Alex Morgan PHOTO: Bitcoin via Unsplash Source: The Thaiger 2024-02-29 - Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. Get our Daily Newsletter - Click HERE to subscribe 2 1 Link to comment Share on other sites More sharing options...
Popular Post QuantumQuandry Posted February 29 Popular Post Share Posted February 29 $59k was not the all time high for BTC... 2 1 Link to comment Share on other sites More sharing options...
Popular Post flyingtlger Posted February 29 Popular Post Share Posted February 29 Way too late to get into the game..... 3 Link to comment Share on other sites More sharing options...
stoner Posted February 29 Share Posted February 29 8 minutes ago, flyingtlger said: Way too late to get into the game..... why ? 1 1 Link to comment Share on other sites More sharing options...
Popular Post stoner Posted February 29 Popular Post Share Posted February 29 10 minutes ago, QuantumQuandry said: $59k was not the all time high for BTC... how dare you let facts get in the way. 1 2 1 Link to comment Share on other sites More sharing options...
NickyLouie Posted February 29 Share Posted February 29 Love me some BTC. Link to comment Share on other sites More sharing options...
Popular Post FritsSikkink Posted February 29 Popular Post Share Posted February 29 Pure speculation, another balloon filled with air. 1 1 3 Link to comment Share on other sites More sharing options...
Popular Post NickyLouie Posted February 29 Popular Post Share Posted February 29 26 minutes ago, FritsSikkink said: Pure speculation, another balloon filled with air. Yes only idiots and malcontents would invest. 2 3 Link to comment Share on other sites More sharing options...
Popular Post alex8912 Posted February 29 Popular Post Share Posted February 29 Still a good time if you missed the last high. Definitely 100k + by the New Year. 1 1 1 Link to comment Share on other sites More sharing options...
Popular Post stoner Posted February 29 Popular Post Share Posted February 29 2 hours ago, FritsSikkink said: Pure speculation, another balloon filled with air. jealous much ? 2 3 2 Link to comment Share on other sites More sharing options...
Popular Post george Posted February 29 Popular Post Share Posted February 29 Nice day today. 3 1 2 Link to comment Share on other sites More sharing options...
Popular Post KannikaP Posted February 29 Popular Post Share Posted February 29 1 hour ago, NickyLouie said: Yes only idiots and malcontents would invest. So I am an idiot doubling my investment in just over a year? 2 1 2 Link to comment Share on other sites More sharing options...
Popular Post NickyLouie Posted February 29 Popular Post Share Posted February 29 20 minutes ago, george said: Nice day today. George is long. 3 Link to comment Share on other sites More sharing options...
Popular Post JeffersLos Posted February 29 Popular Post Share Posted February 29 13 minutes ago, KannikaP said: So I am an idiot doubling my investment in just over a year? Only if you withdraw it today. The price you buy and the price you sell are the only prices that matter. Until you sell, you've doubled nothing. 2 1 1 1 Link to comment Share on other sites More sharing options...
KannikaP Posted February 29 Share Posted February 29 3 minutes ago, JeffersLos said: Only if you withdraw it today. The price you buy and the price you sell are the only prices that matter. Until you sell, you've doubled nothing. Took profits regularly over the year last one being today, and still have my original investment 1 1 Link to comment Share on other sites More sharing options...
hotchilli Posted February 29 Share Posted February 29 2 hours ago, FritsSikkink said: Pure speculation, another balloon filled with air. Like everything else, when it's up it's up, when it's down it's down. 1 Link to comment Share on other sites More sharing options...
JeffersLos Posted February 29 Share Posted February 29 2 minutes ago, KannikaP said: Took profits regularly over the year last one being today Oh no, you missed out. You should have held it all until today. How much profit did you miss out on? 1 Link to comment Share on other sites More sharing options...
Popular Post stoner Posted February 29 Popular Post Share Posted February 29 3 minutes ago, KannikaP said: Took profits regularly over the year last one being today, and still have my original investment nice. 3 Link to comment Share on other sites More sharing options...
KannikaP Posted February 29 Share Posted February 29 Just now, JeffersLos said: Oh no, you missed out. You should have held it all until today. How much profit did you miss out on? And what were the Lottery numbers on 16th February? 1 1 Link to comment Share on other sites More sharing options...
Popular Post Will B Good Posted February 29 Popular Post Share Posted February 29 Bought years ago......took original stake out x 2....now playing with house money.....i feel a right idiot. 1 2 2 Link to comment Share on other sites More sharing options...
FritsSikkink Posted February 29 Share Posted February 29 55 minutes ago, KannikaP said: So I am an idiot doubling my investment in just over a year? You only double it when you have cashed in. Link to comment Share on other sites More sharing options...
QuantumQuandry Posted February 29 Share Posted February 29 1 Link to comment Share on other sites More sharing options...
NickyLouie Posted February 29 Share Posted February 29 33 minutes ago, Will B Good said: Bought years ago......took original stake out x 2....now playing with house money.....i feel a right idiot. Have you seen Our House....... 2 Link to comment Share on other sites More sharing options...
Popular Post KannikaP Posted February 29 Popular Post Share Posted February 29 34 minutes ago, Will B Good said: Bought years ago......took original stake out x 2....now playing with house money.....i feel a right idiot. Exactly what I have done. 1 2 Link to comment Share on other sites More sharing options...
KannikaP Posted February 29 Share Posted February 29 1 minute ago, NickyLouie said: Have you seen Our House....... Silly Nikki. Link to comment Share on other sites More sharing options...
Freddy42OZ Posted February 29 Share Posted February 29 1 hour ago, JeffersLos said: Only if you withdraw it today. The price you buy and the price you sell are the only prices that matter. Until you sell, you've doubled nothing. You don't sell bitcoin. Unless you are a trader buying low and selling high so you can buy back in on the pullback to acquire more BTC. 2 1 1 Link to comment Share on other sites More sharing options...
TigerandDog Posted February 29 Share Posted February 29 4 hours ago, NickyLouie said: Yes only idiots and malcontents would invest. well this idiot just sold his BTC and made US $25k profit. Link to comment Share on other sites More sharing options...
KannikaP Posted February 29 Share Posted February 29 1 hour ago, Freddy42OZ said: You don't sell bitcoin. Unless you are a trader buying low and selling high so you can buy back in on the pullback to acquire more BTC. You DO sell if you need/want a quick source of income, like for example medical treatment. 1 Link to comment Share on other sites More sharing options...
stoner Posted February 29 Share Posted February 29 33 minutes ago, KannikaP said: You DO sell if you need/want a quick source of income, like for example medical treatment. it's not like you sold your cumrocket. Link to comment Share on other sites More sharing options...
KannikaP Posted February 29 Share Posted February 29 44 minutes ago, stoner said: it's not like you sold your cumrocket. True. It works better than Trident! Link to comment Share on other sites More sharing options...
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