Bitcoin Nears Record High Amid Surging Demand for Spot Bitcoin ETFs
Image Source:
Bitcoin is on a remarkable ascent, edging closer to surpassing its all-time high amidst a rapid resurgence. The digital currency soared by 8% on Monday, reaching $67,310, just a stone's throw away from its previous peak of around $69,000 in November 2021.
What's driving this impressive rally? According to experts in the cryptocurrency realm, the surge can be partly attributed to the escalating demand for spot bitcoin exchange-traded funds (ETFs). These ETFs, offering investors a less risky avenue to explore crypto investments, have witnessed a significant influx of capital this year.
"Investors are recognizing bitcoin's potential as an uncorrelated asset, making it highly appealing for diversifying portfolios," remarked Joel Kruger, a market strategist at digital cu...