Bitcoin Crosses $70,000 Mark

Bitcoin broke the USD 70,000 mark for the first time as the frenzy surrounding cryptocurrencies intensified. Investors eagerly embraced new US spot exchange-traded crypto products, driving demand and propelling Bitcoin to new highs. 

The growth comes amidst expectations of a global decline in interest rates, further fueling the enthusiasm for digital assets. The recent approval of 11 spot Bitcoin ETFs by the US Securities and Exchange Commission was a significant new milestone for the industry. After enduring an 18-month-long "crypto winter" marred by corporate bankruptcies and scandals, this regulatory green light signaled a resurgence of confidence in the crypto market.

Institutional investors, once hesitant due to the volatile nature of cryptocurrencies, have now joined the fray. They are allocating substantial long-term investments to Bitcoin, contributing to the sustained rally. BlackRock's iShares Bitcoin Trust alone attracted over USD 2 billion in investments.

Anticipation surrounding the upgrade to the Ethereum blockchain platform, which hosts Bitcoin competitor Ether, has also played a role in the market's bullish sentiment. Additionally, the upcoming Bitcoin "halving" event in April, which reduces the rate of Bitcoin minting, has further given optimism to investors.

The rally in Bitcoin has not been isolated; it has spilled over to other digital tokens, particularly Ether. Ether, ranking second in total market value behind Bitcoin, has grown by more than 60 per cent since the beginning of the year, reflecting the broader bullish sentiment in the cryptocurrency market.