Bitcoin briefly touched $73,000 today before correcting and falling below $72,000.
The largest cryptocurrency is up nearly 50% this month and has hit new weekly highs.
Several factors are driving BTC’s upward rally. Earlier today, the Thai SEC gave asset management firms the green light to launch spot Bitcoin ETFs. At the same time, the London Stock Exchange announced that it will begin accepting applications for Bitcoin Exchange Traded Notes (ETN) in the coming quarter.
The largest Bitcoin ETF issuer Blackrock also reached a milestone today. The IBIT ETF managed 200,000 Bitcoin within two months of its launch. These developers continue to push BTC prices higher as bulls become increasingly optimistic about $100,000. Despite the recent all-time high, BTC's daily trading volume has declined by 5%, showing that traders are still holding on to their assets.
Trends like these will prove crucial as the largest cryptocurrency heads toward its fourth halving next month. If the current demand ratio continues, BTC's immediate post-halving supply shock could have a significant impact on its prices.
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