Highlights

  • Bitcoin hits $72,000, marks 70% gain in 2024
  • Institutional interest grows, MicroStrategy purchases $822 million in Bitcoin.

Latest news

Oncoplastic Breast Cancer Surgery: Redefining Cancer Care with Aesthetic Precision By Dr. Mahesh Bandemegal

Oncoplastic Breast Cancer Surgery: Redefining Cancer Care with Aesthetic Precision By Dr. Mahesh Bandemegal

Ranveer Singh's 'Dhurandhar 2' gets international OTT release with "raw and uncut" version

Ranveer Singh's 'Dhurandhar 2' gets international OTT release with "raw and uncut" version

Why Birthday Party Planning Has Become Stressful (And How Families Are Simplifying It)

Why Birthday Party Planning Has Become Stressful (And How Families Are Simplifying It)

Morgan Stanley bullish on India with strong year ahead, says markets supported by growth and reforms

Morgan Stanley bullish on India with strong year ahead, says markets supported by growth and reforms

AlgoShack Ranked #27 Globally Among 900+ AI Testing Companies - Emerges as India's Only ISO-Certified Autonomous Testing Platform

AlgoShack Ranked #27 Globally Among 900+ AI Testing Companies - Emerges as India's Only ISO-Certified Autonomous Testing Platform

Technology Day at RGIPT highlights research excellence, emerging technologies, and student innovation

Technology Day at RGIPT highlights research excellence, emerging technologies, and student innovation

India requires Rs 80 lakh crore investment in urban infra by 2037: Report

India requires Rs 80 lakh crore investment in urban infra by 2037: Report

From Small Towns to Five-Star Hotels: How Emversity Is Helping Students Build Hospitality Careers from Year One

From Small Towns to Five-Star Hotels: How Emversity Is Helping Students Build Hospitality Careers from Year One

Bitcoin surges past $72,000 for the first time; Find out what's fuelling the cryptocurrency's rally

The cryptocurrency has seen a staggering 70% gain since the start of the year, with institutional interest further evidenced by MicroStrategy's substantial $822 million investment in Bitcoin.

Bitcoin surges past $72,000 for the first time; Find out what's fuelling the cryptocurrency's rally

Bitcoin has surged past the $72,000 mark for the first time, extending its rally for the sixth consecutive day. This also marks a nearly 70% gain since the beginning of the year, driven by significant inflows into US exchange-traded funds.

Equities mixed, cryptos fly

The leading cryptocurrency climbed as much as 5% to hit $72,880 on Monday before retracing some of its gains. Other smaller tokens like Ether, Solana, and Avalanche also saw gains. This upward momentum in the crypto market persisted despite mixed performances in equities, with investors eagerly awaiting a crucial report on US inflation.

Vetle Lunde, a senior analyst at K33 Research, remarked, "It’s a full-on continuation of last week’s trend. Traders are clearly in a risk-on mode."

The ETF-boost for Bitcoin

Investor interest has surged, with nearly $10 billion flowing into a series of new Bitcoin ETFs launched in the US over the past two months, fueling a broad rally across crypto markets. In a further boost to digital assets, the London Stock Exchange announced its acceptance of applications for admitting Bitcoin and Ether exchange-traded notes, while Thailand's securities regulator greenlit the purchase of overseas crypto ETFs by retail investors.

Time to bet on cryptocurrencies?

Chris Newhouse, a DeFi analyst at Cumberland Labs, noted, "With new highs being made and signs of continuing institutional support shown by the LSE news, some people might’ve seen that breakout as a perfect opportunity to get even longer BTC."

Crypto-assets: The bullish signals

The success of Bitcoin ETFs adds to the bullish signals for cryptoassets, including the upcoming quadrennial "halving" in April, which will halve Bitcoin's supply growth. Additionally, technical indicators point to growing interest from institutional and retail investors. Open interest on Chicago-based CME Group’s Bitcoin futures market has surged 44% from this year’s low, indicating a rising appetite for leveraged long positions in Bitcoin.

MicroStrategy Inc., known for incorporating Bitcoin into its corporate strategy, revealed it spent $822 million on additional tokens from February 26 through March 10, underscoring continued institutional interest in the digital asset.

ADVERTISEMENT

Up Next

Bitcoin surges past $72,000 for the first time; Find out what's fuelling the cryptocurrency's rally

Bitcoin surges past $72,000 for the first time; Find out what's fuelling the cryptocurrency's rally

Centre plans to borrow Rs 8.20 lakh cr from market in first half of FY27

Centre plans to borrow Rs 8.20 lakh cr from market in first half of FY27

Reliance denies buying Iranian oil amid US sanctions waiver

Reliance denies buying Iranian oil amid US sanctions waiver

Premium petrol price up Rs 2, industrial diesel up Rs 22; no change in normal petrol, diesel rates

Premium petrol price up Rs 2, industrial diesel up Rs 22; no change in normal petrol, diesel rates

India's GDP expected to register over 8 pc growth in Sep-Dec: Report

India's GDP expected to register over 8 pc growth in Sep-Dec: Report

Govt announces seven measures to help boost exports

Govt announces seven measures to help boost exports

ADVERTISEMENT

editorji-whatsApp

More videos

RBI keeps interest rates on hold after US trade deal boosts outlook

RBI keeps interest rates on hold after US trade deal boosts outlook

RBI proposes to compensate customers up to Rs 25,000 loss due to fraud

RBI proposes to compensate customers up to Rs 25,000 loss due to fraud

RBI raises GDP growth projection of Q1, Q2 of FY27

RBI raises GDP growth projection of Q1, Q2 of FY27

RBI pauses rate cuts, retains interest rate at 5.25 pc

RBI pauses rate cuts, retains interest rate at 5.25 pc

Rupee jumps 122 paise to close at 90.27 against US dollar on India-US trade deal

Rupee jumps 122 paise to close at 90.27 against US dollar on India-US trade deal

Stock markets cheer India-US trade deal: Sensex, Nifty surge 2.5 pc

Stock markets cheer India-US trade deal: Sensex, Nifty surge 2.5 pc

UPI transactions hit record high of Rs 230 lakh crore in 2025-26 till Dec: Govt

UPI transactions hit record high of Rs 230 lakh crore in 2025-26 till Dec: Govt

Explained: India-US trade deal, tariffs and trade benefits

Explained: India-US trade deal, tariffs and trade benefits

Trade deal with US adds momentum to India's growth ambition: Industry leaders

Trade deal with US adds momentum to India's growth ambition: Industry leaders

Rupee jumps 119 paise to 90.30 against the US dollar on India-US trade deal

Rupee jumps 119 paise to 90.30 against the US dollar on India-US trade deal

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.