- Bitcoin surged past $70,000 for the first time since June, reaching $70,100, partly due to renewed interest in Bitcoin ETFs.
- BlackRock's iShares Bitcoin Trust leads among Bitcoin ETFs, contributing to over $20 billion in inflows this year.
Bitcoin has once again surged past $70,000, hitting $70,100 for the first time since June, as investors eye the asset ahead of the U.S. elections. The 3% daily jump, reported by CoinGecko, reflects a significant comeback for the world’s leading cryptocurrency, driven largely by renewed interest in exchange-traded funds (ETFs) that provide a regulated path for institutional investors.
The surge comes after a temporary pullback this year when Bitcoin ETFs had initially launched and enjoyed widespread popularity, bringing in over $20 billion in 2023 alone. BlackRock’s iShares Bitcoin Trust leads as the most successful among the ETF offerings, making it clear that demand for digital assets in traditional markets is back on the rise.
Bitcoin last reached an all-time high in March, touching $73,737, only a couple of months after the approval of Bitcoin ETFs. However, geopolitical instability in the Middle East and uncertainty over the U.S. Federal Reserve’s interest rate policy took a toll on the crypto market.
Recently, with the Fed’s decision to cut interest rates, the market’s risk appetite has rebounded, pushing investors back toward assets like Bitcoin, which often benefit in a low-interest rate environment as borrowing becomes cheaper.
The latest crypto rally has also lifted other digital assets. Ethereum, the second-largest cryptocurrency, saw a rise, trading at $2,566. Meanwhile, Dogecoin surged by 13% over the past day to $0.16, with a boost from comments by Elon Musk, who remains a key influence on the meme coin's value.
With institutional interest reignited and the election looming, investors are watching closely to see if Bitcoin will reach a new all-time high.
Edited by Harshajit Sarmah
