As the increase in the price of Bitcoin continues to grow rapidly, cryptocurrency prices also rose to new record highs. Bitcoin continued its strong gains in recent weeks, rising above $ 71,000 for the first time in its history.
Bitcoin price reached 71,000 $
The surge in cryptocurrencies has been driven by interest from major financial institutions. The launch of the first Bitcoin futures exchange-traded funds (ETFs) in the US has led millions of investors to turn to Bitcoin.
Over $1 billion worth of Bitcoin was withdrawn from exchanges last week. This shows that investors are adopting a long-term strategy of holding cryptocurrencies.
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With the approval of Bitcoin ETFs in the US, retirement savings and pensions now have access to cryptocurrency investments. Bitcoin’s widespread availability in investment vehicles is helping to attract big money from hedge funds and family investments.
Institutions in other major markets are also increasingly embracing cryptocurrencies. For example, the UK’s Financial Conduct Authority has given the green light to the creation of Bitcoin and Ethereum notes, paving the way for digital asset products. This development also pushed the price of Ethereum to a new record high of over $4,000.
Many analysts said that Bitcoin’s supply and demand dynamics remain bullish. With mining rewards halving starting next year, the supply of 21 million Bitcoins will become even more important.
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