Bitcoin passed the $70,000 mark for the first time on March 8, as investors enjoyed a cryptocurrency rally that has lifted many other coins. The coin currently sits just below that mark as of today.
The ascent to $70,000 is part of a rally that began in mid-October 2023. However, the rally entered second-gear on January 11, when the U.S. Securities & Exchange Commission approved bitcoin ETFs for trading.
The exchange-traded funds (ETFs) provide institutional and retail investors with a convenient and regulated avenue, expanding its investor base and driving up demand.
As of March 8, bitcoin ETF have acquired more than 790,000 BTC worth more than $55 billion at the current prices.
While enjoying the ride, veteran investors are being cautious, no doubt remembering the last time the prices were in this range. The so-called crypto winter saw bitcoin prices go below $15,000 then.
Bitcoin prices now mean that BTC now has a market capitalization of over $1.4 trillion.
By providing your information, you agree to our Terms of Use and our Privacy Policy. We use vendors that may also process your information to help provide our services. This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply.
By providing your information, you agree to our Terms of Use and our Privacy Policy. We use vendors that may also process your information to help provide our services. This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply.
By providing your information, you agree to our Terms of Use and our Privacy Policy. We use vendors that may also process your information to help provide our services. This site is protected by reCAPTCHA Enterprise
Read more on deadline.com