Bitcoin Surges Beyond $71,000, Achieving New All-Time Highs

1. Bitcoin breaks $71,000 again, showing resilience after a brief dip from the March 8 milestone.
2. Spot Bitcoin ETFs drive the surge, acquiring 177,000 bitcoins, amplifying market momentum.
3. Anticipation grows for the April 19 Bitcoin halving, set to reduce daily issuance by 900 bitcoins, approximately $73 million.

The price of Bitcoin has once again breached the $70,000 threshold, marking the second occurrence within a span of a few days. The cryptocurrency surged to an intraday high of $71,587.053, reflecting a 2.4% increase, according to The Block’s latest data.

Bitcoin initially surpassed the $70,000 mark on March 8, only to experience a rapid pullback to the mid-$68,000 range. However, demonstrating resilience, it has swiftly rebounded and established new all-time highs at $71,000.

Spot Bitcoin ETFs Propel Rally

The recent surge in Bitcoin’s value can be attributed to the introduction of spot Bitcoin Exchange-Traded Funds (ETFs) in the United States.

These ETFs have collectively acquired an impressive 177,000 bitcoins since their launch. Notably, Grayscale’s Bitcoin Trust, now functioning as an ETF, already held 621,000 bitcoins, constituting 4% of the total bitcoins in circulation.

As the cryptocurrency market continues to witness unprecedented growth, anticipation is building for the upcoming Bitcoin halving, currently estimated for April 19.

This event is expected to reduce block rewards from 12.5 bitcoins per block to 6.25. This is resulting in a daily issuance drop of approximately 900 bitcoins, equivalent to around $73 million. The halving is a pivotal event that historically has had a profound impact on Bitcoin’s supply dynamics and market sentiment.

Ether (ETH) Approaches $4,000 Mark

While Bitcoin steals the spotlight, the second-largest cryptocurrency, Ether (ETH), is making significant strides. ETH is trading just below the $4,000 mark. ETH increases 1.2% today, currently valued at around $3,990.

The broader cryptocurrency market is experiencing positive momentum, with the GM 30 Index.

Representing the top 30 cryptocurrencies, witnessing a 1.75% increase, reaching a value of 154.6 in the past 24 hours. This collective surge underscores the ongoing investor confidence and interest in digital assets.

UK’s FCA Opens Doors for Crypto ETNs

The Financial Conduct Authority (FCA) in the United Kingdom has removed objections to crypto-based Exchange-Traded Notes (ETNs), paving the way for increased institutional participation in the crypto market.

Following the FCA’s move, the London Stock Exchange has confirmed that it will accept applications for Bitcoin and Ether ETNs in the second quarter of this year.

This development further signals the growing institutional interest in crypto assets, potentially expanding the avenues for investment and trading.