Follow Us on Google News
Bitcoin hit a record high after crypto market investors poured money into US spot exchange-traded crypto products and the prospect of falling global interest rates boosted demand.
The world’s largest cryptocurrency reached an all-time high of $69,202, which is higher than the November 2021 high of $68,999. Investor interest has surged since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January.
Nathan McCauley, CEO and co-founder of crypto platform Anchorage Digital said that the rise in the price of Bitcoin is a turning point. Bitcoin is hitting new highs due to investment in the crypto market by traditional institutions.
It should be noted that since October 2023, the price of Bitcoin has increased by almost 160%, while a 44% increase was recorded in February alone. According to reports, the net flow in the 10 largest US spot Bitcoin funds was 2 decimal places in the first week of March. It has reached $17 billion.
In addition to investors’ investment in the market, Bitcoin and other cryptocurrencies have been boosted by the prospect of a cut in US interest rates by the Federal Reserve, which has attracted investors to pour money into the market.
Taking advantage of the immense opportunities in the crypto market, investors have continued to invest in crypto, mega-cap technology stocks, and corporate bonds this year, and the crypto market is expected to gain momentum in the coming days.