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Bitcoin skyrockets beyond $72,000 before dropping once more, specialists advise caution with current investments
Late last night, Bitcoin hit an unprecedented peak as it soared beyond $72,000, reaching its highest value at $72,706 around 4:30AM. Following this, the digital currency dropped to $71,637 over the subsequent 5 hours.
Cryptocurrency enthusiasts and investors are celebrating as Bitcoin has hit a record peak, exceeding $72,000 for the first time in history. As of 4:00 AM IST, Bitcoin's value topped at $72,706, its highest ever. However, it didn't stay there for long, shortly after it dropped and settled at $71,637 around 9:30 AM.
This rise signifies a straight six-day profit streak, where its worth has escalated almost 70 per cent since the start of the year. This is primarily due to substantial investments in US-based exchange-traded funds (ETFs).
Cryptocurrencies such as Ether, Solana, and Avalanche also experienced growth. This happened even with the inconsistent results in the stock market prior to the expected report on US inflation.
The introduction of roughly $10 billion into the recently established Bitcoin ETFs in the US has triggered a widespread surge in the crypto markets. Other favorable factors encompass the agreement of the London Stock Exchange to receive applications for Bitcoin and Ether exchange-traded notes, as well as the green light given by Thailand's regulatory authority for retail investors to buy foreign crypto ETFs.
Cumberland Labs' DeFi analyst, Chris Newhouse, commented that the recent surge to unprecedented levels and the continued backing from institutions as indicated by the LSE news could have prompted some to view it as an ideal chance to further invest in BTC.
The positive performance of Bitcoin ETFs contributes to a range of optimistic signs for digital currencies. This includes the anticipated once-every-four-years "halving" event set for April, which will decrease the growth of Bitcoin's supply by 50%. Additionally, technical signs indicate rising curiosity from both large-scale and individual investors. This can be seen in the substantial growth in open interest on the Bitcoin futures market operated by the CME Group in Chicago.
MicroStrategy Inc., a leading company in the enterprise software industry, announced that it has spent $822 million to buy additional Bitcoin tokens from February 26 to March 10.
This news comes after UK regulators declared they would allow the establishment of cryptocurrency-supported exchange-traded notes (cETNs). Nonetheless, the UK Financial Conduct Authority (FCA) warned that only expert investors, not casual ones, should consider buying ETNs because the risks related to crypto assets are extremely high.
Even with cautionary advice from regulatory bodies, the faith of investors in cryptocurrencies continues to grow, evident in Ethereum exceeding a value of $4,000 for the first time in two years last week. Moreover, there's a buzz around the forthcoming Bitcoin "halving" event. This event is forecasted to reduce the release of new tokens further, contributing to Bitcoin's rarity and possibly extending the current crypto market surge.
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