Bitcoin rockets above $71,000, surpasses silver in market cap
Over $2.2 billion was poured into spot Bitcoin ETFs last week.
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Bitcoin (BTC) crossed the $71,000 threshold today, setting a new all-time high ahead of the anticipated halving event, according to CoinGecko’s data. At press time, BTC is trading at around $71,400, up almost 3% in the last 24 hours. Bitcoin’s market cap now exceeds $1.4 trillion, overtaking silver as the eighth largest asset by market cap, according to CompaniesMarketCap’s data.
The surge in Bitcoin’s value comes on the heels of a successful week for spot Bitcoin exchange-traded funds (ETFs). According to data from BitMEX Research, these funds have seen over $2.2 billion in inflows last week. As of March 8, BlackRock’s Bitcoin ETF had over $13.5 billion in assets under management, as reported by iShares Bitcoin Trust.
[1/4] Bitcoin ETF Flow – 08 March 2024
All data in. $223m positive net flow for thew day
The assets of the ETFs excluding GBTC are now over $28 billion, this is now larger than GBTC's assets for the first time pic.twitter.com/5BlBTu4WLn
— BitMEX Research (@BitMEXResearch) March 9, 2024
As Bitcoin gains momentum, other major coins, including Ethereum (ETH) and Binance Coin (BNB), have also seen significant gains, with ETH breaching the $4,000 mark and BNB climbing to $530, increases of 1.6% and 5.6% respectively, CoinGecko’s data shows.
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