On Friday, Bitcoin hit a new all-time high, trading at over $118,000 (€100,000). The Nasdaq, the primary index for internet companies, reached a record high on Thursday, capping an exciting trading day on the US stock markets. A thirst for investing in tech businesses, like Nvidia, which recently soared to a $4 trillion value, and a positive, optimistic trading outlook across risk assets encouraged interest in Bitcoin.
The record-breaking price of Bitcoin also occurs only a few days before the US House of Representatives, one of Congress’ two houses, declares July 14 to be “Crypto Week.” A number of legislation that might establish the industry’s regulatory framework in the US are anticipated to be discussed by lawmakers at this time.
An estimated $1.2 billion (€1 billion) was invested in Bitcoin ETFs (exchange-traded funds) on Thursday, according to Bloomberg statistics, which caused the price to reach a fresh high of $116,000 before the rise resumed on Friday.
ETFs were responsible for a large portion of the cryptocurrency investment boom. Without needing to purchase cryptocurrencies directly, investors may more easily obtain exposure to them through cryptocurrency-based exchange-traded funds (ETFs). With the launch of bitcoin ETFs in US markets last year, the popularity of these products has skyrocketed.
Additionally, the price of the second-largest cryptocurrency asset increased due to the high level of interest in the market. Ethereum increased in value by over 6% on Friday, trading at almost $3,000 (€2,600).
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