Bitcoin Price All Set To Hit $66K This Week: Here’s Why

The post Bitcoin Price All Set To Hit $66K This Week: Here’s Why appeared first on Coinpedia Fintech News

The global cryptocurrency market cap has reached $2.5 trillion as Bitcoin (BTC) price closed last week above $63,000. Institutional investors have continued proliferating into the crypto market through the spot Bitcoin exchange-traded funds (ETFs). 

Furthermore, the Bitcoin supply on cryptocurrency exchanges declined by 28 percent last week to the lowest since 2020. 

Rising Web3 Adoption 

The most important crypto event in this bull market, the fourth Bitcoin halving, is about 48 days from happening, which will further exaggerate the supply vs demand shock. Investors from all over the world have begun showing interest in crypto assets as shown by the significant rise of the meme coins led by Floki, Pepe, and BONK. 

The collapse of the fiat currencies has been predicted due to the poor monetary policies of the majority of global central banks. The printing of uncapped fiat money from thin air has been described as the worst slavery to investors. Nonetheless, the digital assets industry through Web3 protocols has provided investors worldwide a way to fight inflation.

Also Read: Crypto Market Cap Tops $2.5T, Bitcoin Price Breaks $64k, While Ethereum Price Surpasses $3,500

Crypto Funding Spikes

Around $48.54 billion are flowing into the #crypto market, the highest capital inflow since October 2021! pic.twitter.com/bOhwK4RzYA

— Ali (@ali_charts) March 3, 2024

For the past 30 days, the cryptocurrency market has attracted more than $48 billion in cash inflow, ostensibly the highest since October 2021. The significant spike in crypto funding rate is an indication the bulls are in control. 

With increased clear crypto regulatory frameworks, experts predict more cash inflows will be recorded in the coming quarters.

Short-Term Bitcoin Price Targets 

$BTC #Bitcoin is getting Ready for Another Bullish leg towards the 66k.