Bitcoin Sets New Australian Dollar Record, Just Shy of 100K Amid ETF Frenzy

By Ben Knight February 29, 2024 In Australia, Bitcoin, Cryptocurrency
Source: Adobe Stock
  • Bitcoin has broken its Australian all-time high overnight, encroaching on the AUD $100K milestone after record-setting ETF volumes. 
  • Demand continues to outpace supply as new investors flock to the market following a lengthy crypto winter.
  • The next target is USD $69K, which will represent a new ATH and a landmark moment for the industry.

Happy BTC/AUD day! 🎉

The last month has been a whirlwind that even the most bullish Bitcoin investors wouldn’t have predicted. Following a lukewarm price response to the launch of spot ETFs in the US, BTC has taken the market by storm. Most people believed that BTC would eventually set new all-time highs given its major milestones in 2024 paired with improving economic conditions – but it’s happening much faster than anticipated. 

BTC/USD Next? Supply and Demand Suggests Yes

Australians went to sleep last night with BTC hinting at breaking the USD $60K (AUD $92.3K) barrier. When they awoke, that barrier hadn’t just been broken – it’d been smashed. In the wee hours of the morning, Bitcoin rose as high as USD $63.8K (AUD $98.2K) before settling at approximately USD $61K (AUD $94K). All up, the price of Bitcoin has ballooned nearly 8% in just 24 hours of trading.

Bitcoin (BTC), 1-day chart, CoinMarketCap

The reason behind the price hike is simple – supply and demand. The introduction of spot ETFs has introduced a new group of institutional investors to the market, with financial giants like BlackRock and Fidelity picking up thousands of BTC. This means that exchange supply is drying up, and with fewer Bitcoin being mined and entering circulation, demand is putting significant upward pressure on BTC’s price. With ETF volume showing no signs of slowing down, many believe that the current bull run still has a ways to go.   


It’s worth noting that at some point, BTC will have periods of consolidation, as investors take profits. But the upcoming Bitcoin halving will place even more limitations on supply and the long-term signals mostly appear bullish. Many predicted it would take 6-12 months post-halving for Bitcoin to reclaim its USD all-time high. But if there’s one thing Bitcoin has taught us time and time again – the crypto market moves faster than perhaps any other.

Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

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