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While Bitcoin rose to an all-time high and crossed the $72,000 mark, Ethereum crossed the $4,000 mark, raising the hopes of cryptocurrency investors and enthusiasts.
Bitcoin price rose 3% to $72,022.16 and peaked at $72,750.16, according to Coin Metrics. This rise follows last week’s tough market, which saw Bitcoin hit a new record high for the first time since 2021, followed by a weak performance over the weekend.
The continued flow of money into US-based Bitcoin exchange-traded funds (ETFs) has been a major driver of the Bitcoin price lately. According to CoinShares, inflows into the cryptocurrency market reached a record $2.7 billion last week, bringing the year-to-date total to $10.3 billion. Increasing institutional interest in Bitcoin indicates an increase in the cryptocurrency market, leading to a major price change in January 2021.
Ether, now the public cryptocurrency of the Ethereum network, rose above $4,000 for the first time. Since December 2021. Ethereum’s advancement is part of the strength of Bitcoin and expectations for Ethereum’s continued innovation, called “Dencun.” Previous models have shown that Ethereum experiences challenges that lead to frequent network updates, and then investors are rewarded on the day of the event.
Analysts warn that major currency changes, including funds entering Bitcoin ETFs, the Bitcoin halving event, and potential approval by the U.S. Securities and Exchange Commission (SEC) of Ethereum ETF Trading in May, will affect cryptocurrencies. monitors its impact on unit prices. .
Responding to demand for the cryptocurrency market, the UK Financial Conduct Authority (FCA) has issued its first approval for exchanges to list shares trade on cryptocurrency-related exchanges (ETPs). The decision follows the recent announcement regarding the Bitcoin ETF market in the United States, which shows the growing acceptance of cryptocurrency investment vehicles in traditional financial markets.
FCA approval opens the door to cryptocurrency support for UK exchange-traded notes (ETNs), offering investors the opportunity to gain access to digital assets through financial management. Unlike ETFs, ETNs are unsecured debt securities issued by banks, usually tied to a market index or benchmark, and promise to pay the full amount of growth, excluding cost control.
Bitcoin advocates hope that the launch of Bitcoin’s cryptocurrency-linked ETPs will attract more institutions to invest in cryptocurrencies, further boosting market sentiment and driving prices higher than many other companies. Capital is flowing into the cryptocurrency market cap.
As Bitcoin and Ethereum continue to move into new areas, investors remain optimistic about the future of the cryptocurrency market, driven by creation correction and management progress, demonstrating the importance of digital assets in traditional financial markets. Acceptance will increase.