Bitcoin breaks record with surging past $71.000. Bitcoin has surged past the $70,000 mark once again, reaching new heights in its history. Today, it soared to over $71,200, marking a significant 2.4% intraday increase.
This recent breakthrough comes just days after Bitcoin initially breached the $70,000 threshold on March 8th, experiencing a brief dip to the mid $68,000 range before bouncing back. Now, it stands at a remarkable $71,000, setting fresh all-time highs.
Driving this latest surge is the introduction of spot Bitcoin ETFs in the US. These ETFs have accumulated an additional 177,000 bitcoins since their launch, complementing the 621,000 held by Grayscale’s Bitcoin Trust, now functioning as an ETF, which manages 4% of the total bitcoins in circulation.
Adding to the bullish sentiment is the forthcoming Bitcoin halving, anticipated in just over a month, tentatively set for April 19th. This event will reduce block rewards from 12.5 bitcoin per block to 6.25, diminishing the daily issuance of bitcoin by approximately 900 bitcoins, equivalent to roughly $73 million.
In parallel, Ethereum (ETH), the leading altcoin, is edging closer to the $4,000 mark, showing a 1.2% increase today, hovering around $3,990. Moreover, the GM 30 Index, comprising a basket of the top 30 cryptocurrencies, has surged by 1.75% to 154.6 within the past 24 hours.
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