On Friday, the price of bitcoin hit a new all-time high of about $118,000 (€100,000). It came after an active trading day on Thursday’s US stock markets, during which the Nasdaq, the primary index for IT firms, reached a new high. A positive, upbeat trading outlook across risky assets and a desire to invest in tech firms like Nvidia, which just rose to a $4 trillion valuation, boosted interest in Bitcoin.
The US House of Representatives, one of Congress’ two houses, has declared July 14 to be “Crypto Week,” and Bitcoin’s record high coincides with this event. Legislators are anticipated to discuss many proposals at this time that might establish the industry’s regulatory framework in the US.
According to Bloomberg statistics, investors poured over $1.2 billion (€1 billion) into Bitcoin exchange-traded funds (ETFs) on Thursday, driving the price to a record high of over $116,000 prior to the Friday rise.
ETFs accounted for a large portion of the influx of cryptocurrency investments. Investors may more easily obtain exposure to cryptocurrencies without having to purchase them directly thanks to cryptocurrency-based exchange-traded funds (ETFs). Since bitcoin ETFs started trading in US marketplaces last year, the popularity of these products has skyrocketed. The price of the second-largest cryptocurrency asset also increased due to the intense interest in the market. On Friday, Ethereum was trading at almost $3,000 (€2,600), up more than 6%.
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