Bitcoin achieved a historic milestone, surpassing the $72,000 mark for the first time ever
Bitcoin (BTC) achieved a historic milestone, surpassing the $72,000 mark for the first time ever, extending its winning streak to six consecutive days and marking a nearly 70% increase in value since the beginning of the year, buoyed by significant investments pouring into US exchange-traded funds (ETFs).
The leading cryptocurrency surged by up to 4% to reach $72,234 on Monday, accompanied by notable gains in alternative tokens like Ether, Solana, and Avalanche. Remarkably, the crypto market rallied despite a general decline in equities, as investors awaited a crucial report on US inflation.
Richard Galvin, founder of DACM, a crypto-focused investment firm based in Australia, remarked, “Today’s rally follows a sluggish Asian trading session, during which short positions tested the resolve of long-term investors. It seems that the bullish sentiment has provided a resounding affirmation.”
The launch of a series of new Bitcoin ETFs in the US two months ago has seen investors inject nearly $10 billion into the market, igniting a widespread surge in cryptocurrency valuations. In a further boon for digital assets, the London Stock Exchange announced its readiness to consider applications for Bitcoin and Ether exchange-traded notes, while Thailand’s securities regulator announced plans to permit retail investors to purchase international crypto ETFs.
The success of Bitcoin ETFs is just one of many positive indicators for the crypto market. The upcoming quadrennial “halving” event scheduled for April, which will halve Bitcoin’s supply growth, is eagerly anticipated. Additionally, various technical indicators suggest growing interest from both institutional and retail investors. Open interest in Bitcoin futures on the Chicago-based CME Group has surged by 44% from this year’s low, and a rebound in the funding rate indicates a growing willingness among traders to pay a premium for leveraged long positions in Bitcoin.
MicroStrategy Inc., a leading enterprise software company known for incorporating Bitcoin into its corporate strategy, disclosed on Monday that it had spent $822 million acquiring additional tokens from February 26 through March 10.
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