⚠️ WARNING
🔥 Crypto Traders Dismiss Waning ETF Inflows as Bitcoin Holds Steady Over $70K
Bitcoin briefly surpassed $71,000 on Tuesday, boosted by sentiment around possible new bitcoin-based institutional product offerings.
The London Stock Exchange approved a marketplace for trading BTC and ETH exchange-traded notes (ETNs) in May, which led to strong upside momentum for BTC, traders said.
Projects linked to Coinbase Ventures recorded the most gains, with an average 10% increase, while the CoinDesk 20, an index of the biggest tokens, rose 4.47%.
Bitcoin ($BTC ) briefly topped the $71,000 mark early Tuesday before retreating as market sentiment grew on new bitcoin-based institutional product offerings and demand from traditional desks.
Crypto markets started rising on Monday as the London Stock Exchange approved a marketplace for trading bitcoin and ether (ETH) exchange-traded notes (ETNs) in May, as reported. The LSE will start to accept applications from April 8.
Singapore-based QCP Capital said in a Telegram broadcast there was “strong upside momentum” for bitcoin after the development, with asset managers also continuing to add BTC allocations as a “portfolio diversifier.”
“Anecdotally, wealth desks at major banks have been pleasantly shocked at the tremendous demand from clients for bitcoin spot ETFs and requests for structured products,” the firm added.
Bitcoin jumped nearly 5% in the past 24 hours, leading the rally among crypto majors, data show. Ether, Solana’s SOL, and Cardano’s ADA rose over 4.5%. Near Protocol’s NEAR and Internet Computer’s ICP jumped over 10% to post the most gains among alternative tokens.
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