Bitcoin set the agenda once again, reaching a record level on Coinbase for the first time in more than two years. However, the euphoria was short-lived as the token failed to maintain its peak for long.
Zaheer Ebtikar, founder of cryptocurrency fund Split Capital, commented on the situation. “Given that almost everyone who bought Bitcoin is currently in profit, there is a good chance we will see some profit taking,” Ebtikar said.
The record-breaking rise has sparked a sense of FOMO (fear of missing out) among market watchers. Stefan von Haenisch, head of trading at OSL SG Pte, believes that “the current momentum in spot ETFs and the impending halving trend coupled with a break of all-time highs will evoke real FOMO among participants currently watching the markets from the sidelines.”
Nathan McCauley, CEO and co-founder of Anchorage Digital, said the following regarding the situation:
“Bitcoin's all-time high marks a turning point for crypto. Traditional institutions once stood on the sidelines; “Today, they are here in full force as the primary drivers of the crypto bull market.”
*This is not investment advice.