Crypto Fever: Bitcoin Smashes Records, Approaching $73,000 Milestone
12 Março 2024 - 3:48AM
NEWSBTC
Bitcoin has set a new record by surpassing $71,000, solidifying its
status as the digital counterpart to gold and overtaking the market
capitalization of silver. Related Reading: Cloudy Future For
Ethereum ETFs – What’s Casting Doubt On Their Fate? Bitcoin A Tad
Close To $73K This achievement, occurring with remarkable frequency
since early March, saw Bitcoin registering a new all-time high of
$72,750 today, marking a 5% daily increase and an 12% gain over the
past week. The cryptocurrency’s consistent climb underlines its
relentless ascent in the financial world. Amid the UK financial
regulator’s announcement that it would permit the trading of
cryptocurrency-backed securities, the price of Bitcoin surged to a
new all-time high of nearly $73,000. The leading cryptocurrency
erased its previous peak of nearly $69,000 set in November 2021. On
Monday, the Financial Conduct Authority disclosed that it would not
raise any objections to investment exchanges establishing a market
segment for cryptoasset-backed exchange traded notes [cETNs], a
stock-like financial instrument, on the UK list. This increase in
value also occurs in the few months since the alpha
crypto asset surpassed Tesla, Meta, and Berkshire Hathaway,
solidifying its status as the eighth-largest asset in terms of
market capitalization, which presently stands at a noteworthy $1.4
trillion. Although it is still in the shadow of industry titans
such as Microsoft, Apple, and Amazon, Bitcoin’s rise has been
nothing short of spectacular. BTCUSD currently trading at $71,567
on the 24-hour chart at TradingView.com The FCA said
it maintains its stance that cryptoassets are mainly
unregulated and “high-risk investments.” and that Investors should
anticipate the complete loss of their capital, the
regulator said in a statement. Neil Wilson, chief analyst at
the brokerage Finalto, described the FCA’s action regarding the
cryptocurrency market as “positive.” In reference to steep price
increases, he further stated that “parabolic” market movements
tended to conclude with a significant pullback, but “we can no
longer be certain with bitcoin,” he pointed out. Bitcoin ETF
Frenzy: Record $2.7-B Weekly Inflows Propel Crypto Markets The
surge in US spot bitcoin ETF inflows remains a key driver of
cryptocurrency price dynamics, as reported by CoinShares, with
record-breaking weekly inflows of $2.7 billion and a year-to-date
total of $10 billion, approaching the 2021 annual record of nearly
$11 billion. Simultaneously, increased leverage in the crypto
market has resulted in the most significant price fluctuations in
almost a year. Funding rates, reaching their highest levels since
January 2021, and record-breaking bitcoin open interest contribute
to the heightened volatility in the cryptocurrency space. Related
Reading: Bitcoin Fee Shock: Network Charges Double Amidst
Excitement Of $70,000 BTC Meanwhile, a notable catalyst propelling
this bullish upswing is the forthcoming halving of Bitcoin, which
NiceHash estimates will take place in around 35 days. This
occurrence, which has transpired on three separate occasions prior
to this one, involves a decrease in the compensation provided to
Bitcoin miners for the processing of newly added blocks on the
network. The incentive will decrease from 6.25 BTC to 2.125 BTC as
a result of this fourth halving, further reducing the supply of new
coins. Comparable to the scarcity of gold, this scarcity-driven
paradigm has long been regarded as a fundamental component of
Bitcoin’s value trajectory. In the same way that the scarcity of
gold serves as the foundation for its value, the halving of new
Bitcoin supply events strengthens Bitcoin’s allure as a store of
value in the digital era. Featured image from Belle Co/Pexels,
chart from TradingView
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