Key Points
Bitcoin hit a new all-time high on Tuesday, surpassing the $72,500 mark, boosted by a flood of inflows into new spot bitcoin exchange-traded funds as well as hopes that the Federal Reserve will soon cut interest rates..
Bitcoin has gained over 70% this year and most of the gains have come over the last few weeks..
"The catalyst behind this surge is the US Securities and Exchange Commissions (SEC) approval of spot Bitcoin ETFs," said Rajagopal Menon, Vice President, WazirX...
"This positive momentum is attributed to the increasing interest in Bitcoin spot ETFs and the impending Bitcoin halving event," said Edul Patel, CEO of Mudrex...
Over the past year, Bitcoin has seen a remarkable 250% increase, driven by growing mainstream acceptance and investments from both retail and institutional investors following the approval of the Bitcoin spot ETF..
