Bitcoin tops $72,000, another all-time high

Bitcoin set a new all-time high of $72,085 on Monday.

This unprecedented surge comes at a time when the cryptocurrency industry is witnessing increased mainstream adoption and a significant influx of investments from both retail and institutional players.

Prior to achieving this new all-time high, Bitcoin demonstrated strong performance by recording its highest weekly candle close ever at $69,062 on Bitstamp.

Matteo Greco, Research Analyst, at Fineqia International, says,

The robust price action continues to be fuelled by the positive momentum of BTC Spot ETFs. Last week, the 10 BTC Spot ETFs witnessed a cumulative net inflow of approximately $2.2 billion, bringing the total net inflow since inception close to $10 billion, currently standing at $9.6 billion.

Speaking on the impact of the upcoming Bitcoin halving, he said,

Historically, the digital assets market began experiencing an uptrend before halving, continuing for 6-12 months after the halving event. However, it has never occurred in the past that BTC surpassed its all-time high before the halving event. With the halving scheduled for five weeks from now, the market is anticipating the expected trend of roughly 6-9 months.

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