Even with the correction, bitcoin has managed to stay above $60,000, a resistance level analysts say shows interest remains high. by Casey Wagner /. March 5, 2024 04:05 pm. Jolygon/Shutterstock modified by Blockworks. Bitcoin dipped more than 11% Tuesday afternoon in New York after surging earlier in the day to a new record-high price of around $69,170. It’s the first time the largest cryptocurrency has broken an all-time high in 27 months.. Even with the correction, bitcoin (BTC) has managed to stay above $60,000, a resistance level analysts say shows interest remains high.. “If previous non-crypto-related ETFs can teach us anything, it is that real growth after an ETF approval can be a multi-year process,” Chainlink co-founder Sergey Nazarov told Blockworks. “After waiting almost a decade for this ETF, I’d be surprised if this core group of holders would choose to relinquish their coins right as Wall Street finally decides to legitimize the space.”. Read more: Bitcoin price surges past $69k to hit new all-time high. Ether (ETH) also spiked Tuesday, hitting an intraday high of around $3,816, about 22% below its all-time high set in November 2021. Ether pared gains later in the day, losing as much as 13% to trade around $3,400.. “Active trader positioning in bitcoin now appears fairly long,” Zach Pandl, head of research at Grayscale, said. “Valuations for ether and most other tokens remain below their highs from the previous crypto cycle.”. Read more: BTC price dips after all-time high. Where is it headed next?. While most analysts agree a mild dip is expected after a peak, a combination of headwinds – including bitcoin’s upcoming halving cycle and ongoing elevated interest rates in the US – could position bitcoin for a lasting run, Pandl added.. “It’s fairly obvious [bitcoin’s] price run is driven by new money coming into the market, aided by new and convenient on-ramps,” Noelle Acheson, author of the Crypto is Macro Now newsletter, said. “But that’s only part of the story.”. Bitcoin is increasingly being used as a hedge against inflation, Acheson said, plus the newly-approved spot bitcoin ETFs provide an accessible on-ramp.. Read more: Bitcoin returned to all-time high faster than ever before (almost). “We are seeing exactly what happens when the market has safe, secure and compliant access to the asset class — and institutions are just getting started,” Nathan McCauley, CEO and co-founder of Anchorage Digital, said.. Don’t miss the next big story – join our free daily newsletter.. Tags. bitcoin halving. BTC. Newsletter. Blockworks Daily. Upcoming Events. Digital Asset Summit 2024. Hilton Metropole | 225 Edgware Rd, London. Mon – Wed, March 18 – 20, 2024. Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.. buy ticketslearn more. Day 0x. HYATT REGENCY SALT LAKE CITY. TUES, OCT. 8, 2024. Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, . . learn more. Permissionless III. Salt Lake City, UT. WED – FRI, OCTOBER 9 – 11, 2024. Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains . . learn more. recent research. Research. Wormhole is a suite of open-source, permissionless protocols used to move assets and queries across blockchains. Despite being a common misconception, Wormhole is not just a token bridge. Nevertheless, protocols can build token bridges on top of Wormhole by leveraging the cross-chain messaging provided.. by Boccaccio. more from news. Select a tab. This time around, the festival says it’s partnering with a “trusted, secure and safe partner” in OpenSea. by Jack Kubinec /. March 5, 2024. Euler will be introducing modular design with a relaunch that is expected to occur in Q2 of 2024. by Bessie Liu /. March 5, 2024. The concurrent resolution seeks to “encourage” pension fund managers to consider crypto in their allocations. by Casey Wagner /. March 5, 2024. Polymer is one step closer to bringing Cosmos SDK technology to Ethereum through its latest testnet launch. by Bessie Liu /. March 5, 2024. The US filed to modify the ex-Binance CEO’s bail to require notification of travel plans. by Katherine Ross /. March 5, 2024. The 10 spot bitcoin ETFs have roughly the same amount of assets as the first physically backed gold ETF by State Street Global Advisors. by Ben Strack /. March 5, 2024