Today, Bitcoin briefly reached the $73,000 mark before experiencing a correction and dipping below $72,000. This surge comes amidst a nearly 50% increase in value for the largest cryptocurrency this month, with new weekly highs being set.
Several factors are contributing to Bitcoin’s bullish run. The Thai SEC’s approval for asset management firms to launch spot Bitcoin ETFs, alongside the London Stock Exchange’s announcement of accepting applications for Bitcoin exchange-traded notes (ETN) in the upcoming quarter, have bolstered market sentiment. Additionally, Blackrock, the largest Bitcoin ETF issuer, celebrated a significant milestone today as their IBIT ETF amassed 200,000 Bitcoin under management within just two months of its launch. These developments continue to fuel optimism among investors, with many eyeing a potential surge to $100,000.
Despite hitting new all-time highs, Bitcoin’s daily trading volume has seen a 5% decline, indicating that traders are holding onto their assets rather than engaging in heavy selling.
As Bitcoin approaches its fourth halving next month, market trends like these will play a crucial role. The sustained demand for Bitcoin suggests that the impending supply shock post-halving could exert considerable influence on its price trajectory.