{"id":597415,"date":"2024-03-12T06:48:32","date_gmt":"2024-03-12T06:48:32","guid":{"rendered":"https:\/\/uniquehot.com\/?p=597415"},"modified":"2024-03-12T06:48:32","modified_gmt":"2024-03-12T06:48:32","slug":"crypto-fever-bitcoin-smashes-records-approaching-73000-milestone","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-fever-bitcoin-smashes-records-approaching-73000-milestone\/","title":{"rendered":"Crypto Fever: Bitcoin Smashes Records, Approaching $73,000 Milestone"},"content":{"rendered":"

Bitcoin has set a new record by surpassing $71,000, solidifying its status as the digital counterpart to gold and overtaking the market capitalization of silver.<\/p>\n

Related Reading: Cloudy Future For Ethereum ETFs \u2013 What\u2019s Casting Doubt On Their Fate?<\/a><\/div>\n

Bitcoin A Tad Close To $73K<\/strong><\/h2>\n

This achievement, occurring with remarkable frequency since early March, saw Bitcoin registering a new all-time high of $72,750<\/a> today, marking a 5% daily increase and an 12% gain over the past week. The cryptocurrency’s consistent climb underlines its relentless ascent in the financial world.<\/p>\n

Amid the UK financial regulator’s announcement that it would permit the trading of cryptocurrency-backed securities, the price of Bitcoin surged to a new all-time high of nearly $73,000. The leading cryptocurrency erased its previous peak of nearly $69,000 set in November 2021.<\/p>\n

On Monday, the Financial Conduct Authority disclosed that it would not raise any objections to investment exchanges establishing a market segment for cryptoasset-backed exchange traded notes [cETNs], a stock-like financial instrument, on the UK list.<\/p>\n

This increase in value\u00a0also occurs in the few months since the alpha crypto\u00a0asset<\/a> surpassed Tesla, Meta, and Berkshire Hathaway, solidifying its status as the eighth-largest asset in terms of market capitalization, which presently stands at a noteworthy $1.4 trillion. Although it is still in the shadow of industry titans such as Microsoft, Apple, and Amazon, Bitcoin’s rise has been nothing short of spectacular.<\/p>\n

<\/p>\n

BTCUSD currently trading at $71,567 on the 24-hour chart at TradingView.com<\/a><\/pre>\n

The FCA said it\u00a0maintains its stance that cryptoassets are mainly unregulated and “high-risk investments.” and that Investors should anticipate the complete loss of their capital,\u00a0the regulator\u00a0said in a statement.<\/p>\n

Neil Wilson, chief analyst at the brokerage Finalto, described the FCA’s action regarding the cryptocurrency market as “positive.” In reference to steep price increases, he further stated that “parabolic” market movements<\/a> tended to conclude with a significant pullback, but “we can no longer be certain with bitcoin,” he pointed out.<\/p>\n

Bitcoin ETF Frenzy: Record $2.7-B Weekly Inflows Propel Crypto Markets<\/strong><\/h2>\n
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The surge in US spot bitcoin ETF inflows remains a key driver of cryptocurrency price dynamics, as reported by CoinShares, with record-breaking weekly inflows of $2.7 billion and a year-to-date total of $10 billion, approaching the 2021 annual record of nearly $11 billion.<\/p>\n

Simultaneously, increased leverage in the crypto market has resulted in the most significant price fluctuations in almost a year. Funding rates, reaching their highest levels since January 2021, and record-breaking bitcoin open interest contribute to the heightened volatility in the cryptocurrency space.<\/p>\n

Related Reading: Bitcoin Fee Shock: Network Charges Double Amidst Excitement Of $70,000 BTC<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Meanwhile, a notable catalyst propelling this bullish upswing is the forthcoming halving of Bitcoin, which NiceHash estimates will take place in around 35 days. This occurrence, which has transpired on three separate occasions prior to this one, involves a decrease in the compensation provided to Bitcoin miners for the processing of newly added blocks on the network.<\/p>\n

The incentive will decrease from 6.25 BTC to 2.125 BTC as a result of this fourth halving, further reducing the supply of new coins.<\/p>\n

Comparable to the scarcity of gold, this scarcity-driven paradigm has long been regarded as a fundamental component of Bitcoin’s value trajectory. In the same way that the scarcity of gold serves as the foundation for its value, the halving of new Bitcoin supply events strengthens Bitcoin’s allure as a store of value in the digital era.<\/p>\n

Featured image from Belle Co\/Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has set a new record by surpassing $71,000, solidifying its status as the digital counterpart to gold and overtaking the market capitalization of silver. Related Reading: Cloudy Future For Ethereum ETFs \u2013 What\u2019s Casting Doubt On Their Fate? Bitcoin A Tad Close To $73K This achievement, occurring with remarkable frequency since early March, saw Bitcoin registering a new all-time high of $72,750 today, marking a 5% daily increase and an 12% gain over the past week. The cryptocurrency’s consistent climb underlines its relentless ascent in the financial world. Amid the UK financial regulator’s announcement that it would permit the trading of cryptocurrency-backed securities, the price of Bitcoin surged to a new all-time high of nearly $73,000. The leading cryptocurrency erased its previous peak of nearly $69,000 set in November 2021. On Monday, the Financial Conduct Authority disclosed that it would not raise any objections to investment exchanges establishing a market segment for cryptoasset-backed exchange traded notes [cETNs], a stock-like financial instrument, on the UK list. This increase in value\u00a0also occurs in the few months since the alpha crypto\u00a0asset surpassed Tesla, Meta, and Berkshire Hathaway, solidifying its status as the eighth-largest asset in terms of market capitalization, which presently stands at a noteworthy $1.4 trillion. Although it is still in the shadow of industry titans such as Microsoft, Apple, and Amazon, Bitcoin’s rise has been nothing short of spectacular. BTCUSD currently trading at $71,567 on the 24-hour chart at TradingView.com The FCA said it\u00a0maintains its stance that cryptoassets are mainly unregulated and “high-risk investments.” and that Investors should anticipate the complete loss of their capital,\u00a0the regulator\u00a0said in a statement. Neil Wilson, chief analyst at the brokerage Finalto, described the FCA’s action regarding the cryptocurrency market as “positive.” In reference to steep price increases, he further stated that “parabolic” market movements tended to conclude with a significant pullback, but “we can no longer be certain with bitcoin,” he pointed out. Bitcoin ETF Frenzy: Record $2.7-B Weekly Inflows Propel Crypto Markets The surge in US spot bitcoin ETF inflows remains a key driver of cryptocurrency price dynamics, as reported by CoinShares, with record-breaking weekly inflows of $2.7 billion and a year-to-date total of $10 billion, approaching the 2021 annual record of nearly $11 billion. Simultaneously, increased leverage in the crypto market has resulted in the most significant price fluctuations in almost a year. Funding rates, reaching their highest levels since January 2021, and record-breaking bitcoin open interest contribute to the heightened volatility in the cryptocurrency space. Related Reading: Bitcoin Fee Shock: Network Charges Double Amidst Excitement Of $70,000 BTC Meanwhile, a notable catalyst propelling this bullish upswing is the forthcoming halving of Bitcoin, which NiceHash estimates will take place in around 35 days. This occurrence, which has transpired on three separate occasions prior to this one, involves a decrease in the compensation provided to Bitcoin miners for the processing of newly added blocks on the network. The incentive will decrease from 6.25 BTC to 2.125 BTC as a result of this fourth halving, further reducing the supply of new coins. Comparable to the scarcity of gold, this scarcity-driven paradigm has long been regarded as a fundamental component of Bitcoin’s value trajectory. In the same way that the scarcity of gold serves as the foundation for its value, the halving of new Bitcoin supply events strengthens Bitcoin’s allure as a store of value in the digital era. Featured image from Belle Co\/Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":597419,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664,1944,8080],"class_list":["post-597415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto","tag-etf","tag-halving"],"acf":[],"yoast_head":"\nCrypto Fever: Bitcoin Approaching $73,000 Milestone<\/title>\n<meta name=\"description\" content=\"Bitcoin has set a new record by surpassing $71,000, solidifying its status as the digital counterpart to gold and overtaking the market capitalization of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Encila","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","caption":"Christian Encila"},"description":"They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Fever: Bitcoin Smashes Records, Approaching $73,000 Milestone","url":"http:\/\/uniquehot.com\/news\/crypto-fever-bitcoin-smashes-records-approaching-73000-milestone\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/crypto-fever-bitcoin-smashes-records-approaching-73000-milestone\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/a_016fa1.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/a_016fa1.png?fit=1024%2C682"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","crypto","etf","halving"],"dateCreated":"2024-03-12T06:48:32Z","datePublished":"2024-03-12T06:48:32Z","dateModified":"2024-03-12T06:48:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Fever: Bitcoin Smashes Records, Approaching $73,000 Milestone\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-fever-bitcoin-smashes-records-approaching-73000-milestone\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-fever-bitcoin-smashes-records-approaching-73000-milestone\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/a_016fa1.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/a_016fa1.png?fit=1024%2C682\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"crypto\",\"etf\",\"halving\"],\"dateCreated\":\"2024-03-12T06:48:32Z\",\"datePublished\":\"2024-03-12T06:48:32Z\",\"dateModified\":\"2024-03-12T06:48:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/a_016fa1.png?fit=1024%2C682","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/597415"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=597415"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/597415\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/597419"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=597415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=597415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=597415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}