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Bitcoin Breakthrough: Record Highs and Market Momentum

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Ticker Tea
March 12, 2024

đź“ť SUMMARY: Bitcoin's price surged to $72,880, marking a historic peak as it advanced for a sixth consecutive day, driven by substantial inflows into newly launched U.S. exchange-traded funds (ETFs) and garnering almost 70% gains this year. This rally is not isolated to Bitcoin; smaller cryptocurrencies like Ether, Solana, and Avalanche also saw advances, highlighting a broader enthusiasm in the crypto market even amidst mixed performances in equity markets due to anticipation of a U.S. inflation report.

The influx of nearly $10 billion into Bitcoin ETFs since their U.S. debut two months ago has been a significant catalyst for the crypto market's surge. Additional support comes from the London Stock Exchange (LSE) allowing Bitcoin and Ether exchange-traded notes (ETNs) applications and Thailand’s securities regulator enabling retail investors to partake in overseas crypto ETFs, showcasing increasing institutional and global retail support for cryptocurrencies.

Industry experts view these developments, alongside the impending Bitcoin "halving" in April, which will cut the supply growth rate by half, as bullish signals for crypto assets. Technical indicators, such as a 44% increase in open interest in CME Group’s Bitcoin futures and a rise in the funding rate for leveraged long positions, reflect growing interest from both institutional and retail sectors.

Moreover, MicroStrategy Inc.'s ($MSTR) announcement of purchasing additional Bitcoin worth $822 million between February 26 and March 10 underlines corporate adoption and confidence in Bitcoin as a strategic investment, further bolstering the cryptocurrency's bullish outlook.

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