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Bitcoin Hits Record High Above $72,000

Bitcoin Hits Record High Above $72,000

Bitcoin’s price recently soared, reaching over $72,000. This comes after a week where crypto exchange-traded products (ETPs) saw a massive $2.7 billion influx. CoinShares analyst James Butterfill shared these figures on March 11, noting the remarkable growth in crypto investment. So far, the inflow into crypto ETPs this year nearly matches the total for 2021, which was $10.6 billion.

Moreover, Bitcoin dominates these investments, with $2.6 billion coming in this year alone. This accounts for 14% of the total global crypto assets under management (AUM). Following this investment surge, Bitcoin’s value hit a new all-time high of $72,900 on March 11. Although it has slightly corrected, it remains around $72,000. This marks a 6.9% increase over the past week and a 29% rise in the last month.

Growth Driven by Spot Bitcoin ETFs

The influx has been significantly driven by the investment in spot Bitcoin ETFs in the United States. These funds have seen over $110 billion traded since January 11. Bloomberg ETF analyst James Seyffart pointed out that five US spot Bitcoin ETFs now boast over $2 billion in AUM. Bitwise’s BITB fund is the latest to join this elite group.

IG market analyst Tony Sycamore suggests Bitcoin’s rally could push its price towards $80,000 soon. He believes the crypto will remain strong even if there are any drops in its value. Furthermore, the acceptance of Bitcoin and Ether exchange-traded notes by the London Stock Exchange marks a significant regulatory shift. The UK’s Financial Conduct Authority is showing a willingness to welcome new crypto financial products. Mikkel Morch, founder of ARK36, views this as a sign of cryptocurrencies becoming more accepted and institutionalized.

The combined effect of regulatory acceptance, the anticipation of the upcoming halving event, and continued investment into Bitcoin ETFs signals a potential new growth era for cryptocurrencies. This could lead to their wider acceptance and a more robust investment landscape for digital assets.

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