February 2024 was a crazy month and in particular 28th February a crazy day for Bitcoin.

Bitcoin opened on 1 Feb at $42, 580, hit a low of $41, 890 and closed that day at $43, 681. Nothing dramatic.

Yesterday on 28 February Bitcoin opened at $57, 049 hit a high of $63, 915 and then crashed to a low of $56, 705. From the high to the low, a drop of $7, 210 or 12.7% .Not the worst day for Bitcoin as it has been  known to drop by between 20% to 30% within a single day.

What was special about the drop yesterday was that most of it or about $5,000 from the high to around $59K happened within 15 minutes. The is reason for the sudden drop of $5K is because of the crypto exchange, Coinbase but there is  speculation over the reason for what happened.

The price of Bitcoin increased by around $6.9K and was approaching $64K. Volume was heavy with FOMO or the Fear Of Missing Out by retail investors (which had not set in so far in the current bull market) kicking in.. Sustained FOMO could cause Bitcoin to breach its All Time High of slightly below $69K.

The system of Coinbase crashed. Was the crash because of the system could not handle the huge volume of buy orders being made and new investors trying to open accounts? Or was it a deliberate kill switch?

It is unlikely that Coinbase will admit that it deliberately stopped trading. In the past other exchanges and Robin Hood have supposedly crashed during periods of high volatility. 

The strength of the market can be seen from its recovery from the low of $56, 705 to close the day at $61, 272.

Today, 29 Feb is the last day of the month. As I type this article, the price of Bitcoin is more than $63K. Will it go higher than yesterday's high? Very possible. 

Although the All Time High of Bitcoin is close to $69K, it has never had a monthly close