Bitcoin smashes through $70,000 mark

economictimes.indiatimes.com:

Bitcoin rallied to a record high on Friday in volatile trade, as crypto mania continued to sweep through the investment community.

The leading cryptocurrency topped the $70,000 mark for the first time, boosted by investor demand for new U.S. spot exchange-traded crypto products and expectations for global interest rates to fall.

Billions of dollars have flowed into ETFs in the past few weeks and the market is getting extra support from an outlook that includes an upgrade to the ethereum blockchain platform, home to bitcoin rival ether, and a bitcoin «halving» event, which slows the flow of bitcoin minting, in April.

The approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission in late January had marked a watershed moment for the industry, following an 18-month long crypto winter plagued by a string of high-profile corporate bankruptcies and scandals.

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Even institutional investors who once shunned crypto due to its sharp and wild moves, have begun committing long-term money too, which analysts say could help sustain the