Crypto Blog
Bitcoin is flirting with new all-time highs, briefly making a marginal new ATH on some exchanges on Tuesday but still yet to break out over $70,000 with conviction.
Several factors, like increased institutional interest and the recent launch of the first spot Bitcoin ETFs in the US, have fueled the staggering run.24-hour spot trading volumes exceeded $80 billion mid-week as Bitcoin continued to soar. Bitcoin is still only 3% away from that price target at the time of writing, so it could make a renewed push to breach the previous record today.Interestingly, Bitcoin recently broke through multiple all-time high milestones against major fiat currencies.
Additionally, Bitcoin’s bull run has been charged by a tidal wave of institutional investment pouring into the crypto space., crypto products recorded a staggering $1.8 billion in inflows last week – the second-largest weekly inflow ever. Instead of purchasing power-hungry machines, BTCMTX holders essentially “rent” mining power through the Stake-to-Mine model.
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