Bitcoin Tops $70K as ETFs Surge
ETFs attract billions to the crypto market
Dogecoin surges after Elon Musk comments
Bitcoin, the leading cryptocurrency by market cap, has once again reached an impressive $70.000, a milestone not seen since June this year. At its latest assessment, the digital currency hit $70.250, as per market data, marking a 3% increase in the last day alone.
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There was a decent surge in bitcoin price above the USD 69.000 zone. It even climbed and tested the USD 70.200 zone before consolidating the gains. If there is a close above the USD 69.000 zone, the price could rise towards the key resistance zone of USD 73.800.
If there is a downside correction, the price may test the USD 68.000 zone. The main support is now forming near the USD 64.500 level.
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Why is Bitcoin rising today?
This significant development comes at a key time as investors are once again turning their attention to the recently approved Bitcoin exchange-traded funds (ETFs). These ETFs have been particularly attracting capital from institutional investors, who were previously hesitant to purchase the cryptocurrency directly from exchanges. With ETFs, they now have a regulated and less risky avenue for exposure to the asset.
This month has seen a billion-dollar influx into these new financial instruments after a period of stagnation earlier in the year. So far, these products have amassed over $20 billion in investment so far this year. BlackRock’s iShares Bitcoin Trust stands out as the most successful of the ten funds available, demonstrating the robustness and growing interest in these investment options.
Bitcoin’s appreciation is not limited to small fluctuations. In March, the cryptocurrency set a new record of US$ 73.737, just two months after the approval of ETFs. Despite the difficulties faced due to geopolitical tensions in the Middle East and uncertainty about the Federal Reserve’s decisions regarding historically high interest rates, the scenario changed with the recent reduction of rates by the American central bank. With lower interest rates, there was an increased appetite for investments considered to be higher risk, such as Bitcoin, which tend to be more attractive in an environment of reduced borrowing costs.
Meanwhile, Dogecoin, which also attracted attention this week due to comments by Elon Musk, considered the richest man in the world, saw a significant gain of more than 14%, reaching a value of US$ 0,16. The renewed interest in the asset, which features a Japanese dog on its logo.
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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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