Bitcoin rose to a record high in the last few moments of Friday trading, coinciding with the momentum in investing in cryptocurrencies.
The leading cryptocurrency exceeded the $70,000 barrier for the first time, supported by investor demand for new cryptocurrency products traded on the American stock exchange and expectations of a decline in global interest rates.
Billions of dollars have flowed into ETFs in the past few weeks, as the market receives additional support from expectations that include the rise of the Bitcoin-rivaling Ethereum blockchain.
Cryptocurrency market performance
The US Securities and Exchange Commission’s approval of 11 spot trading funds for cryptocurrencies in late January was a watershed moment for this sector, after an 18-month recession in which a series of corporate bankruptcies and repeated scandals occurred.
Even institutional investors who once shunned cryptocurrencies due to their sharp and wild moves are starting to allocate longer-term funds as well, which analysts claim could help sustain the final leg of this rally.
Net inflows into the 10 largest spot Bitcoin funds in the United States reached $2.2 billion in the week ending March 1, with more than $2 billion of that entering BlackRock’s iShare Bitcoin Trust.
The recent optimism regarding Bitcoin has also extended to other digital currencies, especially Ethereum, which ranks second after Bitcoin in terms of total market capitalization, up more than 60 percent since the beginning of the year.
2024-03-08 17:20:33
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