Bitcoin reached a new milestone, surpassing $71,000 for the first time ever. This marks a continuation of its upward trend, extending its rally for the sixth consecutive day.
The surge in Bitcoin’s price this year has been fueled by significant investments in US exchange-traded funds. Yesterday, the leading cryptocurrency rose by as much as 3.2%, reaching $71,631.45. Additionally, other smaller cryptocurrencies such as ether, Solana, and Avalanche also experienced gains during this period.
Crypto Market Rally Boosted by Bitcoin ETFs and Institutional Interest
Richard Galvin, founder of DACM, an Australia-based crypto investment firm, noted that the recent rally in the cryptocurrency market followed a weak Asian trading session. During this time, short positions tested the confidence of long-term investors. However, the resilience of long positions proved strong, indicating a positive sentiment among investors.
Since the launch of a batch of new bitcoin ETFs in the US two months ago, investors have poured nearly $10 billion into these funds. This influx of capital has contributed to a significant surge in the crypto markets, particularly for bitcoin.
In another positive development for digital assets, the London Stock Exchange has confirmed its acceptance of applications for admitting bitcoin and ether exchange-traded notes (ETNs) in the second quarter. This announcement opens up a new avenue for investors to gain exposure to bitcoin and ether through traditional financial markets, further expanding the accessibility and legitimacy of these assets.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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