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Bitcoin skyrockets beyond $72,000 then plummets, specialists advise caution for potential investors
Bitcoin marked a historic milestone as it soared beyond $72,000 late yesterday evening, peaking at 4:30AM with a value of $72,706. However, over the next 5 hours, the digital currency dropped to $71,637.
Cryptocurrency enthusiasts and investors are thrilled by the recent progress of Bitcoin, which hit a record high by crossing the $72,000 mark for the first time. As of 4:00 AM IST, Bitcoin's value was at its peak of $72,706. However, it experienced a slight dip shortly after, and by 9:30 AM, it was hovering around $71,637.
This increase represents a continuous growth for six days straight, with its worth rising almost 70 per cent from the start of the year, primarily propelled by substantial investments in US traded funds (ETFs).
Cryptocurrencies such as Ether, Solana, and Avalanche also experienced growth. This improvement happened even with the inconsistent performance of the stock market in anticipation of a forthcoming US inflation report.
Around $10 billion has been invested in freshly initiated Bitcoin ETFs in the United States, contributing to an overall upward trend in cryptocurrency markets. Other encouraging news includes the London Stock Exchange's move to accept submissions for Bitcoin and Ether exchange-traded notes, as well as Thailand's regulatory green light permitting retail investors to buy foreign cryptocurrency ETFs.
Chris Newhouse, a DeFi analyst at Cumberland Labs, commented, "Given the new peaks reached and the ongoing institutional backing indicated by the LSE news, some individuals might have viewed this breakthrough as an ideal chance to further extend their BTC investments."
The triumph of Bitcoin ETFs contributes to a range of positive signs for digital currencies, such as the forthcoming "halving" occasion set for April, which will cut Bitcoin's supply expansion by 50%. Additionally, tech-based signals indicate an escalating curiosity from both professional and casual investors, evidenced by the substantial rise in open interest on the Bitcoin futures market of the CME Group based in Chicago.
The well-known business software company, MicroStrategy Inc., announced that it has invested $822 million to buy additional Bitcoin tokens from February 26 to March 10.
Following the decision by UK regulatory bodies to allow the establishment of cryptocurrency-supported exchange-traded notes (cETNs), the UK Financial Conduct Authority (FCA) has issued a warning. They have advised that only professional investors should participate in buying ETNs, highlighting the significant risks tied to cryptocurrency assets, and suggesting that retail investors stay away.
Even with regulatory cautions, the faith of investors in digital currencies continues to be robust, as Ethereum broke the $4,000 barrier for the first time in a couple of years last week. Also, there is great excitement about the impending Bitcoin "halving" occasion, which is predicted to further reduce the release of new tokens. This could add to Bitcoin's rarity and possibly extend the current surge in crypto.
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