ETFs
Bitcoin Surpasses $70,000 as Spot Bitcoin ETFs Attract New Investors
Bitcoin surpassed $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 January 23, according to Reuters. reported Monday (May 20).
The report attributes the rise in part to this year’s approval and launch of Bitcoin spot exchange-traded funds (ETFs), which attracted new investors, reignited enthusiasm around the cryptocurrency and reversed the collapse prices observed during “cryptocurrency”. winter” of 2022.
Likewise, Cointelegraph highlighted a “notable increase” in spot purchases and spot purchases of Bitcoin ETFs when report On Monday, bitcoin had surpassed the $70,000 mark.
THE bitcoin price surpassed an all-time high of $73,000 in March as investors once again warmed to cryptocurrencies following 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 were increasing after nearly two years of cooling.
On May 2, when announcing its latest quarterly results, Blockthe owner of Cash app And Squarerevealed that he is also a large owner of bitcoin. By the end of the quarter, the company’s $200 million investment in bitcoin had grown by approximately 160% to $573 million.
“We believe the world needs an open protocol for money that is not owned or controlled by any entity,” Block CEO said. Jack Dorsey said in its letter to shareholders. “We believe that Bitcoin is the best and only candidate to become this protocol and ultimately become the native currency of the Internet.”
In April, the latest bitcoin “halving” – a pre-scheduled event that takes place every four years and halves the amount of coins available to mine – took place and, as expected, created a greater scarcity of the popular cryptocurrency.
It was reported at the time that many investors were expecting significant gains in the coming months based on past performance. After the halvings in 2012, 2016, and 2020, the price of Bitcoin increased approximately 93x, 30x, and 8x, respectively, from its daily halving price to its cycle high.