Bitcoin Hits $66K as ETF Anticipation Grows

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Bitcoin’s value leapt past the $66,000 mark, inching closer to surpassing previous records. This uptick aligns with the introduction of spot bitcoin exchange-traded funds (ETFs) in the U.S., a move that has welcomed a wave of sizable investors and reignited the fervor seen during the 2021 peak.

Markus Thielen of 10x Research in Singapore notes, “Investor confidence seems to bolster as Bitcoin climbs, with capital inflows showing no signs of waning.

Ethereum, Bitcoin’s smaller counterpart, also experienced a notable increase. Fueled by speculation around its own potential ETFs, Ethereum’s value has risen by 50% year-to-date. Despite a slight retreat, its price hovers close to two-year highs.

This cryptocurrency rally coincides with a broader upswing in global markets, including record performances in Japan’s Nikkei and the U.S. S&P 500 and Nasdaq indexes. According to Brent Donnelly of Spectra Markets, “In a bullish climate where the Nasdaq thrives, expect crypto to flourish as Bitcoin reflects the high-stakes energy of tech investments.”

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