News

Bitcoin smashes all records and targets this level as a new peak.

After reaching a record high for the third time in five days, Bitcoin saw a decline from $73,650 to below $70,000. The digital currency achieved these increases following a report from CoinShares showing a flow of $2.7 billion into cryptocurrency assets last week, most of which was directed towards Bitcoin.

The success of exchange-traded funds for Bitcoin, launched in the United States on January 11, was the main driver of the recent momentum. Investment funds managed by BlackRock and Fidelity have attracted a net flow of around $10 billion so far.

In the United Kingdom, the London Stock Exchange (LON:LSEG) announced that it will accept applications for Bitcoin and Ethereum bonds traded on the exchange. In Thailand, the Securities and Exchange Commission announced that it will open exchange-traded funds for cryptocurrency for retail buyers.

Some observers point to the possibility of further gains, as Tony Sycamore, market analyst at IG Australia, suggested that Bitcoin "is likely to receive significant support if it reaches lower levels, as those looking to push its price towards $80,000 in the coming months will support it."

At the same time, Katie Stockton, technical analyst at Fairlead Strategies, noted that reaching the $80,000 Bitcoin price threshold seems feasible in the medium term.

Regarding futures contracts, open contracts in the CME Group's Bitcoin futures market reached a new peak, surpassing 30,000 for the first time on Monday, reflecting increased institutional demand in the United States for exposure and hedging related to cryptocurrencies.

Meanwhile, the rise in the price of Bitcoin has led to the creation of nearly 1,500 new wallets worth a million dollars each day, according to cryptocurrency analysis company Kaiko Research. However, it is difficult to determine whether these wallets are owned by individuals or companies due to the nature of blockchain data, which makes them source-unknown.

Latest Blogs