#write2earn #Bitcoin 's Remarkable Resurgence: Fueling Optimism Amidst Regulatory Shifts new All-Time High #ATH #bullMarket #BullRun🐂
Bitcoin reached an all-time high driven by soaring demand from new US exchange-traded funds and anticipation of a decrease in the token's supply growth, triggering an impressive resurgence in the original cryptocurrency. Surging by up to 2.5% to $69,191.95 by 10:10 a.m. Tuesday in New York, Bitcoin has surged by approximately 62% since the beginning of 2024, outstripping the performance of global stocks and igniting optimism across the digital asset market.
Remarkably, Bitcoin's revival can be attributed partly to an unexpected ally: the US Securities and Exchange Commission (SEC). Despite a historically antagonistic stance toward crypto, the SEC's approval of spot-Bitcoin exchange-traded funds in early January, following a legal setback last year, has significantly broadened Bitcoin's accessibility to mainstream investors. This move has helped the crypto sector recover from the downturn in 2022 and a series of subsequent setbacks, including the collapse of Sam Bankman-Fried's FTX exchange.
A substantial influx of capital has flooded into ETFs issued by major investment players like BlackRock Inc. and Fidelity Investments, with net inflows exceeding $7 billion in less than two months. This surge in demand coincides with an impending reduction in Bitcoin's supply growth, known as the halving, further fueling bullish sentiment.
Stefan von Haenisch, head of trading at OSL SG Pte, remarked, "Breaking all-time highs, coupled with the current momentum in spot ETFs and the impending halving narrative, is likely to trigger genuine FOMO among observers currently on the sidelines."
Bitcoin's resurgence, which began in early 2023, has propelled the total market value of digital assets to around $2.6 trillion, marking a dramatic turnaround from the industry's nadir in November 2022.
