coinspress.com
Bitcoin has recently achieved a remarkable milestone, surpassing the $69,000 mark, setting a fresh record for the cryptocurrency.
This notable feat was last reached on November 10, 2021, and the recent surge in value reflects the increasing interest and confidence among investors in Bitcoin’s role as a prominent digital asset.
At the time of writing BTC is trading at $67,340 after a slight pullback. What is interesting, is that Bitcoin’s trading volume is over $80 billion for the past 24 hours. Also, $585 million were liquidated from the crypto market during the same period.
Financial experts attribute this impressive upswing to significant purchasing activity triggered by the launch of new spot Bitcoin Exchange-Traded Funds (ETFs) based in the United States, marking a significant development in the cryptocurrency market.
ETFs Propel Bitcoin’s Surge The rollout of spot BTC ETFs in the U.S. on January 11 has played a pivotal role in driving the cryptocurrency’s impressive price trajectory.
READ MORE: Bitcoin’s Berkshire Moment Signals New Era – Anthony Scaramucci
Starting around $45,000, Bitcoin initially experienced some volatility, dipping into the $39,000 range, a reaction often seen in markets known as “sell the news.” Nevertheless, the digital currency quickly regained its footing, surging beyond $50,000 by mid-February.
This upward trend wasn’t merely a fleeting spike; following a period of consolidation around $51,000, Bitcoin’s value surged again, firmly establishing its latest peak.