Bitcoin rises to record high of USD68K, marking significant rebound in cryptocurrency market
(MENAFN) On Monday, Bitcoin surged to its all-time high, signaling a remarkable turnaround from a prolonged period of stagnation lasting over two years. This resurgence has alleviated doubts regarding the future trajectory of the entire cryptocurrency ecosystem. Bitcoin, renowned as the world's first and largest digital currency, reached a trading price of USD68,791, surpassing its previous record of USD68,789 achieved on November 10, 2021.
The recent rally of Bitcoin has been fueled by a confluence of factors, notably including the approval of exchange-traded funds (ETFs) tied to the digital asset by US regulators. These ETFs have facilitated a more accessible entry point for traditional investors seeking to integrate Bitcoin into their investment portfolios. Consequently, the regulatory green light has played a pivotal role in turbocharging Bitcoin's upward momentum over the past several months.
With Bitcoin's resurgence to new heights, the cryptocurrency market has witnessed a renewed surge of enthusiasm and optimism among investors. This milestone not only underscores Bitcoin's enduring relevance but also highlights the growing mainstream acceptance and adoption of digital currencies as legitimate investment vehicles.
The approval process for Bitcoin ETFs involved extensive lobbying efforts by cryptocurrency firms over several years. The Securities and Exchange Commission (SEC) granted approval reluctantly, following a court ruling that deemed the regulator's grounds for rejecting Bitcoin ETF applications as "arbitrary and capricious."
In January, the first 11 "spot" Bitcoin ETFs, which monitor the real-time market price of the asset, were introduced.
Within a mere month, these ETFs had generated over USD4.2 billion in net new flows, as reported by a UK-based news agency.
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