Wednesday, July 24, 2024

Bitcoin (BTC) prices crossed $70K, hitting new highs

Bitcoin (BTC) It crossed $71,000 for the first time during Asian trading hours on Monday.

The leading cryptocurrency has been steadily rising after the approval of spot bitcoin exchange-traded funds in the US, with the token surpassing $70,000 for the first time last week.

Ether (ETH) It crossed $4,000 on Monday. Meanwhile, the broader CoinDesk 20 Index (CD20) rose nearly 1%.

The rally has pushed the annualized three-month futures premium to more than 25% on major exchanges, including Binance. An inflated premium can attract money and carry traders, increasing overall market liquidity.

Bitcoin moved to new highs as Asian equity indices fell, with Japan's Nikkei and Australia's ASX falling 2%. Reuters reported The Bank of Japan may raise the benchmark interest rate above zero this month.

Some analysts have long warned that the BOJ is a key source for both traditional and crypto markets.

Given the recent strong inflows in US-listed spot ETFs and the impending reward halving, the consensus is that any bitcoin fall will be short-lived due to a supply-demand imbalance.

Update (March 11, 08:15 UTC): Updates title, adds details.

Update (March 11, 07:45 UTC): Updates title and led, adds details.

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