4 Key Factors Why Bitcoin Crosses $70K Again After Halving 2024

Bitcoin's $70K Breakthrough


  1. Ethereum ETF Anticipation: Growing optimism around potential spot Ethereum ETF approvals in the U.S. is driving up crypto prices.
  2. Stable Inflation Outlook: Cautious optimism about controlled inflation from the Federal Reserve is making Bitcoin, a potential inflation hedge, more appealing to investors.
  3. Institutional Investment Boom: Substantial inflows into Bitcoin funds and rapid institutional adoption of BlackRock's Bitcoin ETF signal growing mainstream acceptance, boosting Bitcoin's price and stability.


Discover the factors behind Bitcoin’s surge past $70,000, including ETH ETF anticipation, stabilizing inflation expectations, Grayscale inflows, and institutional adoption of BlackRock’s Bitcoin ETF.


After a general downturn in the crypto market since April, Bitcoin has finally surpassed the $70,000 threshold on May 21st. Here are four key factors, as identified by CoinRank, contributing to this upward price movement.


Bitcoin’s highest and lowest prices from January to April 2024:


Month Highest Point (USD) Lowest Point (USD)
January 46,988 39,523
February 62,507 42,570
March 73,118 61,924
April 71,629 60,633




The anticipation surrounding the approval of spot Ethereum ETFs in the United States has been a major catalyst for the recent rally in cryptocurrency prices. Analyst Eric Balchunas from Bloomberg has significantly increased the likelihood of these ETFs being approved from 25% to 75%, indicating a strong optimism in the market.


 Additionally, sources have reported that the U.S. Securities and Exchange Commission (SEC) has requested that exchanges expedite the update of critical documents for these ETF applications, suggesting possible approval as soon as this week.


This has led to a direct increase in Ethereum prices, which has had a cascading effect on Bitcoin due to the interlinked nature of these two major cryptocurrencies.


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In addition to the anticipation surrounding Ethereum ETFs, the stabilizing U.S. inflation expectations have also played a role in Bitcoin’s surge.


 Loretta Mester, President of the Cleveland Federal Reserve, has indicated that the previously anticipated three rate cuts this year may no longer be appropriate, suggesting a shift towards a potential rate hike if necessary.


However, the Fed remains cautious, with Vice Chair Jefferson noting that it is too early to declare that the slowdown in inflation will persist. This cautious optimism has helped temper fears of runaway inflation, making assets like Bitcoin, often seen as a hedge against inflation, more attractive to investors.


>>> Read More:

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Grayscale Bitcoin Trust, a major player in the cryptocurrency investment space, has seen substantial inflows, with $239 million worth of Bitcoin flowing into spot Bitcoin ETFs on May 16 alone. This includes significant contributions from other funds like BlackRock’s IBIT and Fidelity’s FBTC.


The continuous inflow, including $5 million into Grayscale on the same day, underscores the increasing trust and investment from institutional investors, reflecting a bullish sentiment in the market.


>>> Read More:

Grayscale’s GBTC: The Potential Spot Bitcoin ETF – Pros, Cons, and What to Watch Next




The introduction of BlackRock’s Ishares Bitcoin Trust (IBIT) has marked a significant milestone in Bitcoin’s mainstream acceptance among institutional investors. In less than three months, the ETF has attracted 414 institutional holders, a record-setting pace for new ETFs, and a testament to its robust demand and confidence among the financial community.


This overwhelming response, particularly when compared to other recently launched ETFs, underscores a broadening base of institutional support for Bitcoin. Such a rapid accumulation of institutional interest not only enhances Bitcoin’s market stability but also contributes significantly to its price strength.


>>> Also Read:

3 Major Implications and Legal Issues Following SEC Approval of Bitcoin ETFs in the U.S.

What is Bitcoin: A Comprehensive Overview

A Ten-Year Review of Bitcoin’s Performance: Why Has Bitcoin Surged Over 10,000%?


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