Bitcoin hits a new record

Surpassing $68,000 for the first time since 2021, Bitcoin has moved one step closer to its all-time high. Bitcoin, which climbed above $68,700 during the day, had previously reached a record level of 68,999 in November 2021.

Bitcoin, the largest crypto asset by market value, has gained more than 50 percent in value this year. Most of the increase in Bitcoin's value has occurred in the last few weeks, as inflows into US-listed Bitcoin exchange-traded funds (ETFs) have surged.

In recent months, spot Bitcoin ETFs were approved by the US. The launch of these funds paved the way for new major investors and reignited the enthusiasm and momentum reminiscent of the record levels seen in 2021.

Furthermore, the expectation that the halving event, expected to take place in April, will restrict supply and increase the value of Bitcoin has also supported pricing.

TECHNOLOGICAL DEVELOPMENTS IMPACT THE INCREASE

According to experts, the technology boom in the stock market has been another factor triggering interest in crypto assets. Analysts suggest that the record-breaking performance of the tech-heavy Nasdaq index and the decline in volatility indicators in the stock and currency markets have also been effective in increasing risk appetite in the market.

According to David Duong, Head of Institutional Research at Coinbase, although March is typically a flat month for Bitcoin, crypto assets are benefiting from a productivity boom driven by artificial intelligence and blockchain technology.

Markus Thielen, Head of Research at Singapore-based crypto analysis firm 10x Research, stated, "As the price rises, investors become more confident. Therefore, the flows are not slowing down."

Antoni Trenchev, co-founder of the crypto exchange Nexo, commented, "With the birth of these nine new ETFs, major moves now tend to occur during the regular trading week rather than on weekends."

News Source: 12punto