Bitcoin surged to a historic high $63,400
Bitcoin surged to a historic high on Friday amidst volatile trading, as the frenzy surrounding cryptocurrency continued to captivate investors.
The leading digital currency surpassed the $70,000 milestone for the first time, driven by increased demand for new U.S. spot exchange-traded crypto products and anticipation of a global decline in interest rates.
The approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission in late January marked a significant turning point for the industry. This came after an 18-month period of crypto downturn characterized by a series of high-profile corporate failures and scandals.
Even institutional investors, previously wary of crypto's volatility, have started allocating long-term investments. Analysts suggest that this institutional involvement could provide stability and support to the ongoing rally.
According to data from LSEG, net inflows into the top 10 U.S. spot bitcoin funds totaled $2.2 billion in the week ending March 1. A substantial portion of these funds, over $2 billion, flowed into BlackRock's iShares Bitcoin Trust.
On Tuesday, Bitcoin reached a new record high, driven by a surge in investments in U.S. spot exchange-traded crypto products and the anticipation of a potential decline in global interest rates.
The leading cryptocurrency soared to a peak of $69,202, surpassing the previous all-time high of $68,999.99 set in November 2021.
Investor enthusiasm has grown following the approval of 11 spot bitcoin ETFs by the Securities and Exchange Commission in late January. However, the momentum shifted, and Bitcoin recently experienced a decline of around 7%, dropping to $63,400.
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