Bitcoin shakes off inflation worries, Toncoin reaches record price

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Last Updated on 12 April 2024 by CryptoTips.eu

Just 9 days to go and then the newest Bitcoin halving will be a fact. Although many investors and analysts predict a pre-halving dip, it refuses to materialize so far. Bitcoin even shook off the high inflation figures from the United States and traded nicely higher yesterday, reaching a value of $71,000 in the afternoon. At the time of writing, the largest digital currency is trading for $70k.

The founders of Telegram are discussing a possible IPO with the local stock exchange authorities, and this is mainly why the price of Toncoin (the cryptocurrency with which influencers are paid by Telegram) continues to rise.

Earlier this week, Toncoin traded at $7 for the first time.

Advertentie.

ETF

The difference between Bitcoin’s chart pre-2024 and the one we see in 2024 is of course the many billions of dollars in investment that crypto has received thanks to the Bitcoin ETFs that were launched in January of this year.

This has ensured that a value below $60,000 has not been reached for more than a month and that we continue to look upwards.

Crypto analysts are becoming increasingly positive and are therefore predicting higher price points for Bitcoin by the end of 2024. I would rather wait and see, but it is indeed remarkable to witness that even with higher US inflation than expected, Bitcoin continues to trade at a value of around $70,000.

If the news reports about an impending launch of a Bitcoin ETF in Hong Kong (and by extension also in China) are correct, we could of course go higher very quickly, but let’s not get ahead of ourselves.

In any case, the technical outlook is rather positive at the moment.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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