Bitcoin Achieves Record-Breaking Heights with $72,000+ Milestone

Holding the reputation of one of the world’s largest cryptocurrencies, Bitcoin once again leaves the community speechless with its aggressive price action. One of the most frequently chosen options for deposits and withdrawals to and from online casinos has recently jumped to new staggering heights, breaking through $72,000 for the first time.

The newly set milestone comes only days after the new record was set, breaking the one established in November 2021. According to TradingView, a charting platform and social network used by 50M+ traders and investors, the BTC historical volatility index has reached its highest level in almost a year.

One Milestone After Another

The crypto market, especially that involving Bitcoin often experiences sharp falls and sudden surges, but it seems that lately, the trends are going in the upward direction.

On March 5, 2024, the value of Bitcoin amounted to $69,210, but on the very same day in the evening, its value dropped to $62,185. The 69k+ milestone broke the record established on November 10, 2021, when it topped $68,982.20.

As the week was coming to an end, the value of BTC continued to increase, reaching another record-breaking sum on the final day of the working week. On March 8, 2024, the BTC topped $70,170.00, but it quickly surged even more, bringing another jaw-dropping record at the beginning of the new week.

Another record was broken on March 11, 2024, when the value of BTC went above $72,000.

SEC Greenlights ETFs to Track Bitcoin

The ongoing developments in the Bitcoin market are not coincidental but closely related to the relatively recent decision by the US Securities and Exchange Commission (SEC).

In January 2024, the SEC approved the first US-listed exchange-traded funds (ETFs) to track bitcoin. Applications from 11 companies were accepted, including those from Invesco, VanEck, BlackRock, Ark Investments/21Shares, and Fidelity, among others.

These companies have been buying hundreds of thousands of BTC, which rapidly drives up the value of this popular crypto asset, most widely used among players from the United States.

ETFs can be bought or sold intraday at different prices. Mutual fund trades are executed once a day, at a single price. In the world of crypto, ETFs allow investors to gain exposure to crypto without having to buy and store these digital assets themselves, as direct purchase and keeping it safe is often too complicated.

Despite numerous benefits, ETF comes with several drawbacks as well, such as notable fees (often higher than the transactions on crypto networks), lack of ownership, and limited hours for trading. ETF trading can be done during market hours, whereas exchanges on crypto platforms take place at any time, all year round.

FCA Updates Rules on cETNs

Collaborating with the government, international partners, and industry, the Financial Conduct Authority (FCA) of the United Kingdom continues to remind people that crypto transactions represent a high risk, due to being unregulated.

As per the most recent updates published by the Authority, professional investors would be permitted to create a UK-listed market segment for crypto asset Exchange Traded Notes (cETNs). Professional investors must provide proper control and protection while ensuring cETNs are compliant with the licensing regime in the UK.

On the other hand, a ban on the sale of cETNs and other crypto derivatives to retail consumers remains in place.

Source:

“Bitcoin hits record high above $72,000 as UK opens the door to crypto exchange-traded products”, cnbc.com, Browne, Ryan; March 11, 2024.