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At its peak, Bitcoin rose to $50,091. This is the highest level since the end of 2021 in just over two years. In the daily comparison, price increases were around $1,900, or 3.9 percent. Other digital stocks such as Ether have also increased significantly.
Bitcoin has been benefiting from increased interest for several days. It seems that the introduction of private Bitcoin funds is becoming more and more noticeable. These funds were approved by the U.S. Securities and Exchange Commission in January, but that only led to short-term price euphoria.
Approved spot ETFs in Bitcoin are new because they allow investors to invest in Bitcoin for the first time without having to purchase the digital currency directly. According to calculations by Bloomberg news agency, new funds have come in around $2.8 billion net in the last 30 days. The gross amount is significantly higher, but this also includes reallocations in the crypto industry.
Another upcoming event is making investors look positively at Bitcoin: The next so-called “Halfing” is scheduled for April. This reduces the reward Bitcoin miners receive for verifying crypto transactions. Ultimately, the process leads to slower growth in Bitcoin supply, which has mostly led to increased prices so far. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
