{"id":528429,"date":"2024-03-12T08:32:58","date_gmt":"2024-03-12T06:32:58","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=528429"},"modified":"2024-03-12T09:38:51","modified_gmt":"2024-03-12T07:38:51","slug":"bitcoin-surges-over-72000","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/528429-bitcoin-surges-over-72000.html","title":{"rendered":"Bitcoin surges over $72,000"},"content":{"rendered":"

Bitcoin topped $72,000 for the first time, advancing for a sixth straight day and taking gains this year to almost 70% on the back of massive inflows into US exchange-traded funds.<\/p>\n

The original cryptocurrency rose as much as 5% to $72,880 on Monday, before paring the increase.<\/p>\n

Smaller tokens like Ether, Solana and Avalanche also advanced.<\/p>\n

The crypto gains came even as equities were mixed ahead of a key report on US inflation.<\/p>\n

\u201cIt\u2019s a full-on continuation of last week\u2019s trend,\u201d said Vetle Lunde, a senior analyst at K33 Research. \u201cTraders are clearly in a risk-on mode.\u201d<\/p>\n

Investors have poured a net $10 billion into a batch of new Bitcoin ETFs since they launched in the US two months ago, igniting a broad surge in crypto markets.<\/p>\n

Digital assets scored more wins on Monday, as the London Stock Exchange confirmed it will accept applications for admitting Bitcoin and Ether exchange-traded notes and Thailand\u2019s securities regulator said retail investors will be allowed to buy overseas crypto ETFs.<\/p>\n

\u201cWith new highs being made and signs of continuing institutional support shown by the LSE news, some people might\u2019ve seen that breakout as a perfect opportunity to get even longer BTC,\u201d said Chris Newhouse, a DeFi analyst at Cumberland Labs.<\/p>\n

\"\"<\/p>\n

The success of the crop of Bitcoin ETFs add to a range of bullish signals for cryptoassets.<\/p>\n

Perhaps the most anticipated milestone is the quadrennial \u201chalving\u201d scheduled for April, when Bitcoin\u2019s supply growth will be reduced by half.<\/p>\n

Other technical indicators point to growing interest among both institutional and retail investors.<\/p>\n

Open interest on Chicago-based CME Group\u2019s Bitcoin futures market has jumped 44% from this year\u2019s low, while a rebound in the so-called funding rate signals that traders are increasingly willing to pay a premium for opening leveraged long positions in Bitcoin.<\/p>\n

\u201cPerps (perpetual futures) have traded at premiums above $80 since BTC\u2019s breakout at 07:00 (UTC), the premiums spiked towards $350 amidst BTC\u2019s initial breakout alongside growing open interest,\u201d said Lunde.<\/p>\n

MicroStrategy Inc., the enterprise software firm that has made buying Bitcoin part of its corporate strategy, said on Monday that it spent\u00a0$822 million<\/a><\/strong>\u00a0purchasing more tokens from Feb. 26 through March 10.<\/p>\n","protected":false},"excerpt":{"rendered":"

Smaller tokens like Ether, Solana and Avalanche also advanced.<\/p>\n","protected":false},"author":341034,"featured_media":528439,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[40038,187,73436,43338,72308],"class_list":["post-528429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-avalanche","tag-bitcoin","tag-bitcoin-etf","tag-ether","tag-solana"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/528429"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=528429"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/528429\/revisions"}],"predecessor-version":[{"id":528433,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/528429\/revisions\/528433"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/528439"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=528429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=528429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=528429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}