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Matrixport veteran issues caution as Bitcoin soars past $62k

Bitcoin’s recent surge towards its previous all-time high has caught the attention of many in the cryptocurrency industry. Daniel Yan, co-founder of Matrixport, recently took to Twitter to express his concerns about a potential market correction. He suggested that a retrace of up to 15% could be looming on the horizon, especially as the much-anticipated Bitcoin halving event approaches in April.

With the total market cap of cryptocurrencies exceeding $2.3 trillion and experiencing a significant uptrend, Yan advised caution as the industry braces for potential volatility ahead. While the long-term outlook for Bitcoin remains positive, Yan cautioned short-term traders to remain vigilant in the coming weeks.

Yan’s warnings coincided with Bitcoin breaking through the $62,000 barrier, reaching levels not seen since late 2021. The surge in BTC price was fueled by strong demand for spot Bitcoin ETFs, with net inflows of $576 million reported by SoSoValue on Feb. 27. BlackRock’s IBIT product also saw a record-high single-day net inflow of $520 million, highlighting the institutional interest in Bitcoin.

BlackRock’s spot Bitcoin ETF has attracted over $6.5 billion since its launch on Jan. 11, with the Wall Street giant holding more than $8 billion in BTC through Coinbase custody. The influx of institutional capital has played a significant role in driving Bitcoin’s price to new heights, with the upcoming halving event adding to the bullish sentiment in the market.

As Bitcoin continues to break new records, investors and market participants are closely watching for signs of a potential correction. While the short-term outlook may be uncertain, long-term holders are advised to stay the course and weather any market fluctuations with confidence.

In conclusion, Bitcoin’s recent price surge and the growing interest from institutional investors signal a new era of mainstream adoption for the cryptocurrency. Despite potential market corrections in the short term, the overall trajectory for Bitcoin remains positive as it cements its position as a legitimate asset class in the financial landscape.

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