The price of Bitcoin reached a new record. This digital currency crossed the level of $ 70,000 for the first time amid the ongoing turmoil in the crypto market. Bitcoin prices have gained momentum in recent days after the launch of the US Spot Exchange Traded Fund (ETF).
This increase in Bitcoin prices reflects the increasing interest of investors in crypto products and the expectation of falling interest rates globally. The recession that prevailed in the crypto market after the collapse of the FTX exchange is showing significant recovery in recent times.
Bitcoin crossed 70,000 during Friday's trading session
Due to huge interest from investors, Bitcoin crossed the $70,000 level for the first time on Friday. The biggest reason for this was the US ETF. Billions of dollars of funds were invested in it in the last few weeks. Which helped Bitcoin to take off.
Apart from this, the decision of Bitcoin's rival Ether to upgrade the Ethereum blockchain platform has also changed the trends in the crypto market. The strategy of dividing Bitcoin into different parts in April last year is also working, due to which investors are increasing interest in the digital currency.
The crypto market strengthened after ETF was approved in America
At the end of January this year, the US Securities and Exchange Commission approved 11 spot Bitcoin ETFs. This was a big decision from the point of view of Bitcoin. Earlier, there was a recession in the crypto market due to the collapse of the FTX exchange, several corporate controversies, and bank bankruptcies. Many institutional investors had also distanced themselves from the cryptocurrency market given the sluggishness in it. Now after getting the approval of ETF, it has got new energy.
Bitcoin was seen trading at the level of $68,491.26 (₹56,01,585) at around 3 pm on Saturday. At the same time, Ethereum was seen trading at a price of $ 3,933.88 (₹ 3,20,089). Apart from this, Tether, Binance Coin (BNB), Solana, USD Coin, and DodgeCoin were also seen trading in the green.
(PC: Freepik)
