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.
notorious_rocky17 6 months ago Newbie
Man, as much as I am all for crypto and have multiple investments in crypto the dream of it ruling the world is exactly that a dream and it stops there. There's no way the countries of the world, at least in America for damn sure there's no way the government will allow decentralized crypto to push them aside. I do believe...
Man, as much as I am all for crypto and have multiple investments in crypto the dream of it ruling the world is exactly that a dream and it stops there. There's no way the countries of the world, at least in America for damn sure there's no way the government will allow decentralized crypto to push them aside. I do believe everything will be digital very soon but decentralized mainstream in America is a myth. And all that will happen is the government and all these companies will know exactly what we're purchasing. The days of privacy will be over very soon and that's a sad day for us. Hell they pretty much are already
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annna0001 6 months ago Newbie
And it didn't stop there, it kept rising. In a year, BTC has risen by over 200% and is now becoming a major focus in media worldwide, like the BBC, where they note that it's "breaking new highs almost every hour." Worth considering investments, I guess it's the right time. ;-)
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Eternitycc1 6 months ago Jr. Member
With their exchange fee rates I haven’t used bitcoin for months… did that change? Litchi. Is literally free everyone! It takes a little longer to send and recover but not more than about 20 minutes.
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Bixy 6 months ago Moderator
Wondering what we might expect in the future, another milestone or not?! Crypto is to rule over the world :D
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Neil Correll 6 months ago Newbie
Nothin makes me happier to see bitcoin skyrocket. I could do without the etf’s and what not, even though they are driving force behind it right now. I enjoyed the idea of cryptocurrencies throwing the normal banking system into a thing of the past….not parlaying along with it. It’s still an amazing creation. Thanks Steve!!!
Nothin makes me happier to see bitcoin skyrocket. I could do without the etf’s and what not, even though they are driving force behind it right now. I enjoyed the idea of cryptocurrencies throwing the normal banking system into a thing of the past….not parlaying along with it. It’s still an amazing creation. Thanks Steve!!!
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Alexis Gold 6 months ago Newbie
Maybe something like that will happen, cryptocurrencies do have potential for such ground-breaking changes, but it's a time-consuming process. A lot of people out there are still skeptical about crypto, they need time to understand how everything works, but I'm sure they will gradually embrace crypto, just like they did...
Maybe something like that will happen, cryptocurrencies do have potential for such ground-breaking changes, but it's a time-consuming process. A lot of people out there are still skeptical about crypto, they need time to understand how everything works, but I'm sure they will gradually embrace crypto, just like they did e-wallets, payment vouchers, etc.
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SandyOlsson 6 months ago Sr. Newbie
Will this huge increase in value inspire more people to use Bitcoin? Time will tell...
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