Bitcoin Boom: European Trading Hours Ignite Global Crypto Surge in 2024's First Quarter

Bitcoin has seen a significant surge in the first quarter of 2024, rising by 64% over the period and by 13% in March alone. The introduction of spot Bitcoin ETFs in the US has been a major factor, drawing in over $12 billion in net inflows. Additionally, trading data shows that Europe has outperformed both the US and Asia in Bitcoin trading, with a 34% increase year-to-date. The launch of Bitcoin and Ethereum ETNs by the London Stock Exchange also resulted in a substantial spike in trading on March 25. Upcoming events such as the Bitcoin halving and the possible launch of Hong Kong ETFs are expected to further enhance Bitcoin’s momentum.

Bitcoin’s Q1 2024 Performance

Bitcoin has had an outstanding performance in the first quarter of 2024. According to data from Coinglass, the digital currency surged by a remarkable 64% over the quarter and by 13% in March alone. This surge has given Bitcoin its seventh consecutive month of gains.

The introduction of spot Bitcoin ETFs in the United States has been a significant factor in this growth. These ETFs have managed to attract over $12 billion in net inflows, demonstrating the growing interest and trust in digital assets.

Europe Leads in Bitcoin Trading

An analysis of session data from Velo Data indicates that Europe has surpassed both the US and Asia in terms of Bitcoin performance for the year so far. European trading sessions have seen a 34% increase, compared to 30% for Asia and 14% for the US. This shows a marked shift in the global landscape of Bitcoin trading.

On March 25, there was a significant spike in Bitcoin trading. This coincided with the announcement by the London Stock Exchange (LSE) about the launch dates for Bitcoin and Ethereum Exchange Traded Notes (ETNs). This development further illustrates the growing global acceptance of digital currencies.

Looking Ahead

Several anticipated events are expected to provide further momentum to Bitcoin’s growth. The Bitcoin halving, the launches of LSE ETNs, and the potential introduction of Hong Kong ETFs are all expected to boost Bitcoin’s performance. As these events unfold, they could potentially usher in a new era of growth and acceptance for Bitcoin and other digital assets.

Source by Cryptoslate