Bitcoin has reached a new all-time high of $70,100.
Bitcoin, the leading cryptocurrency, has attained a new peak price of $70,100. The new metric is largely fueled by the continuous trading of the spot Bitcoin exchange-traded fund (ETF).
BTC Breaks $70k
For the first time, Bitcoin has crossed the $70k price mark. Earlier today, the asset traded at around $68,000. Price tracking data from Coinbase confirms this.
Source: Coinbase
Earlier this week, BTC briefly touched a previous peak of $69,300 before a market correction ensued. Unsurprisingly, the surge was quickly accompanied by a significant price drop to as low as $59,700 on the same day. Long and short BTC traders were liquidated from their positions.
A similar trend might occur with BTC’s latest all-time high (ATH). At press time, however, Bitcoin’s price sits at $66,800, representing a 3.1% drop over the last hour. More price downtrend may ensue.
Bitcoin ETFs Spark New Price Peak
Spot Bitcoin ETF products have played a significant role in pushing the leading cryptocurrency to a new height. These products allow investors to gain exposure to Bitcoin’s price within the world of traditional finance (TradFi).
On January 10th, the United States Securities and Exchange Commission (SEC) approved a slew of spot Bitcoin ETFs. The approval allowed several financial institutions to offer the Bitcoin-backed product to U.S.-based investors. On behalf of the investors, these companies accumulate actual BTC. Current data shows that over 384,457 BTC (worth over $28.6 billion) has been poured into these Bitcoin ETFs.
Topping the leadership board among these companies offering the product is the investment management giant BlackRock. It currently holds over 187,500 BTC, putting it above the largest Silver ETF issuer.
Market experts speculate that BTC’s price will surge to as high as $200,000 due to its increased engagement with mainstream audiences. Others eye $76,000 as the new peak to be attained by the leading cryptocurrency.
