Bitcoin momentarily surged to a record high as the investment community continued to be enthralled by cryptocurrency.
Bitcoin Hits $72,000 for the First Time
Today, at noon March 24th, 2024, Bitcoin hits $72,000 for the first time in the market. Just after crossing $70,000 last week Friday on tradingview.com.
Due to investor demand for new US spot exchange-traded cryptocurrency products and forecasts of a decline in global interest rates, the most popular cryptocurrency crossed the $70000 mark for the first time.
The market is receiving additional support from an outlook that includes an upgrade to the Ethereum blockchain platform, which is home to the second-largest cryptocurrency, ether, and a Bitcoin “halving” event in April.
Which eventually slows the flow of Bitcoin mining. Billions of dollars have poured into ETFs in the last few weeks.
Bitcoin ETFs in Late January
However, some claim it’s difficult to ignore these assets’ speculative nature. The US Securities and Exchange Commission’s approval of eleven spot bitcoin ETFs in late January, which came after an 18-month crypto winter marred by several high-profile firm bankruptcies and scandals, was a turning point for the market.
Even institutional investors, who avoided cryptocurrency in the past because of its volatile and abrupt movements, are now making long-term investments, which experts believe may support this new surge.
LSEG Statistics
According to LSEG statistics, net flows into the top 10 US spot bitcoin funds were $2.2-billion in the week that ended on March 1. Of those net flows, over $2 billion went into BlackRock’s iShares Bitcoin Trust.
Other digital tokens have also been affected by the current euphoria around Bitcoin, especially ether, which is already up more than 60% since the year’s beginning and stands second in terms of overall market value.
At $ 3,939.84, ether was up 1.62% as of late. On Friday, cryptocurrency equities saw gains as well. Coinbase’s shares closed the day up 8.2%, while cryptocurrency miners Riot Platforms and Marathon Digital had increases of 5.1% and 9.6%, respectively.
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