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Bitcoin's value soars above $72,000 then drops, specialists advise caution in investing at this time
Bitcoin set a new record when its value surged over $72,000 late last night, peaking at 4:30AM with a value of $72,706. However, over the next 5 hours, the digital currency's value declined to $71,637.
Cryptocurrency investors and traders are thrilled as Bitcoin hits a record high, exceeding $72,000 for the first time. As of 4:00 AM IST, the value of Bitcoin peaked at $72,706, marking its highest point to date. However, it did experience a dip shortly after, settling at $71,637 around 9:30 AM.
This increase represents the sixth straight day of growth, with its value rising by almost 70% since the start of the year, primarily due to substantial investments in US exchange-traded funds (ETFs).
Cryptocurrencies such as Ether, Solana, and Avalanche also experienced growth. These upticks happened even though the stock market had varied results, preceding a predicted report on US inflation.
The injection of around $10 billion into recently initiated Bitcoin ETFs in the US has spurred a general upward trend in the cryptocurrency markets. Other favourable progressions encompass the resolution by the London Stock Exchange to admit applications for Bitcoin and Ether exchange-traded notes, as well as Thailand's regulatory authorization permitting retail investors to buy foreign crypto ETFs.
Chris Newhouse, who works as a DeFi analyst at Cumberland Labs, commented that the recent record-breaking highs and ongoing signs of institutional backing, as evidenced by the LSE news, could have been perceived by some as an ideal chance to further increase their BTC holdings.
The positive performance of Bitcoin ETFs contributes to a range of optimistic signs for digital currencies. This includes the forthcoming four-yearly "halving" event planned for April, which will slash the growth of Bitcoin's supply by 50%. Additionally, technical signs point to a rising interest from both large-scale and individual investors. This is demonstrated by the considerable surge in open interest on the Bitcoin futures market operated by the CME Group, based in Chicago.
MicroStrategy Inc., a leading business software company, disclosed that it has spent $822 million to buy additional Bitcoin tokens from February 26 to March 10.
The recent advancements come after the declaration by UK regulators that they would allow the establishment of exchange-traded notes (cETNs) backed by cryptocurrency. Regardless, the UK Financial Conduct Authority (FCA) warned that only expert investors, not individual investors, should participate in buying ETNs because of the significant risks linked with cryptocurrency assets.
Even with warnings from regulators, investors continue to have faith in cryptocurrencies, demonstrated by Ethereum exceeding a value of $4,000 for the first time in two years last week. Also, there's a buzz around the forthcoming Bitcoin "halving" event, which is predicted to reduce the creation of new tokens even more, adding to Bitcoin's rarity and possibly extending the current crypto surge.
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