News
Bitcoin Surpasses $70,000 as Spot Bitcoin ETFs Attract New Investors
Bitcoin briefly topped $70,000 on Monday.
At one point, it was $3,931 higher than its previous close and 82.3% higher than its 2024 low, reached on Jan. 23, Reuters reported Monday (May 20).
The report attributed the increase in part to the approval and launch this year of bitcoin exchange-traded funds (ETFs), which have attracted new investors, reignited enthusiasm around the cryptocurrency and reversed the price collapse seen during the “cryptocurrency”. winter” of 2022.
Likewise, Cointelegraph highlighted a “noticeable increase” in spot purchases and spot purchases of bitcoin ETFs report On Monday, that bitcoin had surpassed the $70,000 mark.
THE price of bitcoin it surpassed an all-time high of $73,000 in March, as investors once again flocked to cryptocurrencies in the wake of the Securities and Exchange Commission’s (SEC) approval of bitcoin ETFs earlier this year.
It was also reported on Monday that venture capital investments in cryptocurrency companies are on the rise after nearly two years of cooling off.
On May 2, when it announced its latest quarterly earnings results, To blockthe owner of Cash application AND Squarerevealed that he is also a great owner of bitcoin. By the end of the quarter, the company’s $200 million investment in bitcoin had grown about 160% to $573 million.
“We believe the world needs an open protocol for money, that is not owned or controlled by a single entity,” says Block CEO Jack Dorsey he said in his letter to shareholders. “We believe that bitcoin is the best and only candidate to be that protocol and, ultimately, to become the native currency of the Internet.”
In April, the latest bitcoin “halving” occurred – a pre-scheduled event that occurs every four years and halves the amount of coins available to mine – and, as expected, created greater scarcity of the popular cryptocurrency.
It was reported at the time that many investors were expecting big gains in the months ahead based on past performance. After the 2012, 2016, and 2020 halvings, the price of bitcoin increased approximately 93x, 30x, and 8x, respectively, from the price on the day of the halving to the peak of the cycle.