Anjali Sharma
GG News Bureau
NEW YORK, 12th March. Bitcoin on Monday crossed $71,000 for the first time during the Asian trading hours, according to news media reports.
The cryptocurrency is steadily rising since the spot bitcoin exchange-traded funds were approved in the US.
The cryptocurrency has been boosted by a flood of cash into new spot bitcoin exchange-traded funds and hopes that the Federal Reserve will soon cut interest rate, it said.
The rally has lifted the annualized three-month futures premium on major exchanges, including Binance, to above 25 per cent. The elevated premium could attract cash and carry traders, boosting market liquidity.
The Shiba Inu experienced a 240 per cent price surge, highlighting the meme coin sector’s rapid growth but also its volatility. Ripple is on the verge of an adoption milestone, with analysts predicting a potential rally in its price.
Bitcoin has been in the green territory, hovering at $67K-$68K and the trends changed over the weekend when the asset’s value surged to the unprecedented peak of $70,000.
The volatility harmed over-leveraged traders. Numerous industry experts believe BTC’s recent great performance will persist shortly and even lead to new heights.
Some outline the halving (scheduled for April) as a factor supporting that thesis.
Shiba Inu has been a top performer, with its price skyrocketing by a whopping 240 per cent on a 14-day scale. This exponential increase has benefited savvy traders who entered the ecosystem in their early days and endured the crypto winter in the past few years.
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