On Monday, Bitcoin hit a new all-time high, beating the $71,000 mark as cash continues to rush into the market. As of right now, Bitcoin jumped to a session high of $71,030 in volatile markets.
This year, Bitcoin has gained almost 70%, and most of that gain has happened in the last two weeks. This is because a lot of money has been pouring into new spot Bitcoin trade-exchanged assets, and people are also expecting the Central Bank to soon lower interest rates. The US Protections and Trade Commission’s approval of 11 spot bitcoin ETFs at the end of January marked a turning point for the business. This came after an 18-month crypto winter that was marked by a string of high-profile corporate failures and embarrassments.
Net flows into the 10 largest US spot Bitcoin reserves totaled $2.2 billion in the week ending Walk 1. According to LSEG, more than $2 billion of that amount went into BlackRock’s iShares Bitcoin Trust. During that time, the prices of other big crypto tokens like BNB, Chainlink, and Polygon went up to 6%. But Solana, XRP, Cardano, Shiba Inu, and Tron all went down.
The market is going forward because Bitcoin spot ETFs are making more money and the Bitcoin splitting event is getting closer, both of which have usually affected the price of Bitcoin. “The next goal is at the $76,000 level,” said Edul Patel, Chief Executive Officer of Mudrex, after Bitcoin gained more than the $70,000 ceiling.
As of now, the total value of the digital currency market rose 1.6% to about $2.68 trillion, and the amount of the market was $132 billion, which is a 41.66% rise.
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