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Bitcoin soars beyond $72,000, then drops, experts cautious about investing at this time
Bitcoin broke its own record when it surged beyond $72,000 late yesterday night, peaking at 4:30AM with a value of $72,706. However, within the next 5 hours, the digital currency dipped to $71,637.
Cryptocurrency enthusiasts and investors are celebrating as Bitcoin hits a record high, breaking the $72,000 mark for the first time. As of 4:00 AM IST, Bitcoin hit its peak value at $72,706. However, it experienced a slight drop shortly after, settling at $71,637 around 9:30 AM.
This upward trend signifies a straight six-day rise, with its worth escalating by almost 70 per cent from the start of the year. This is primarily due to substantial investments in US exchange-traded funds (ETFs).
Cryptocurrencies such as Ether, Solana, and Avalanche also experienced growth. This improvement happened even though the stock market showed varied results in anticipation of a forthcoming US inflation report.
Around $10 billion has been poured into fresh Bitcoin ETFs in the US, sparking a wider upward trend in the crypto markets. Other encouraging news includes the choice by the London Stock Exchange to take applications for Bitcoin and Ether exchange-traded notes. Additionally, Thailand's regulatory authorities have given the green light for retail investors to buy foreign crypto ETFs.
Cumberland Labs' DeFi analyst, Chris Newhouse, commented, "Seeing new peaks and ongoing institutional backing indicated by LSE news, some individuals may have perceived this surge as an ideal chance to further invest in BTC."
The positive performance of Bitcoin ETFs contributes to a range of optimistic signs for cryptocurrency assets. This includes the forthcoming four-yearly "halving" event set for April, which will cut Bitcoin's supply growth by 50%. In addition, technical signs indicate increasing curiosity from both corporate and individual investors, seen in the substantial rise in open interest in Bitcoin futures market operated by the Chicago-based CME Group.
MicroStrategy Inc., a leading company in the enterprise software industry, announced that it has invested $822 million to buy additional Bitcoin tokens from February 26 to March 10.
The recent advancements come after UK officials stated they would allow the establishment of cryptocurrency-supported exchange-traded notes (cETNs). Nevertheless, the UK's Financial Conduct Authority (FCA) warned that only seasoned investors, not everyday investors, should participate in buying ETNs because of the significant risks tied to cryptocurrency assets.
Even though there have been regulatory cautions, investors continue to show robust faith in cryptocurrencies, evident in Ethereum crossing the $4,000 mark for the first time in two years last week. Moreover, excitement is building up for the forthcoming Bitcoin "halving" occurrence, which is predicted to further reduce the release of new tokens. This is expected to intensify Bitcoin's rarity and could possibly extend the current surge in crypto.
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