Demand for Bitcoin Exchange Traded Funds (ETFs) is pushing Bitcoin to a two-year high. The leading cryptocurrency rises in value by about four percent to $49,398, making it more expensive than it has been since December 2021.
Ethereum advances by almost two percent in their wake. “The launch of the ETF investment vehicles is now starting to bear fruit. The $50,000 limit could soon drop,” said Timo Emden of the analytics firm Emden Research.
The sustainability of the rally indicates that buying interest from institutional investors is particularly high. At the same time, the sharp price increases are likely to attract more retail investors to the scheme, at the latest when the Bitcoin price is halved, which is scheduled for April. ETFs allow investors to access Bitcoin through regulated providers without having to go through a crypto exchange.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
