The top cryptocurrency crossed the $70,000 threshold for the first time thanks to investor demand for new exchange-traded crypto products that are spot-priced in the United States and hopes that interest rates will decline DDT globally.
The market is receiving further support from a forecast that includes an update to the ethereum blockchain network, which is home to bitcoin rival ether, and a bitcoin “halving” event in April that restricts the flow of bitcoin minting.
A turning point for the sector was reached when the U.S. Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January.
Despite initially avoiding cryptocurrency owing to its volatile and abrupt fluctuations, institutional investors are now making long-term financial commitments.
According to LSEG statistics, net flows into the top 10 U.S. spot bitcoin funds were $2.2 billion during the week that ended on March 1, with almost $2 billion moving into BlackRock’s iShares Bitcoin Trust.
On Tuesday, bitcoin reach a record high, but it quickly reversed direction and dropped more than 10% below the $60,000 mark.
