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Bitcoin briefly touched $73,000 today before facing a correction and dropping below $72,000.
The largest cryptocurrency is up nearly 50% this month and has set new weekly peaks.
Several factors are driving BTC’s bullish rally. Earlier today, Thailand’s SEC gave asset management firms the green light to launch spot Bitcoin ETFs. At the same time, the London Stock Exchange announced that it will start accepting applications for Bitcoin exchange-traded notes (ETN) in the upcoming quarter.
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The largest Bitcoin ETF issuer, Blackrock, also reached a milestone today. The IBIT ETF achieved 200,000 Bitcoin under management within two months of launch. These developers continue to rally BTC’s prices, as bulls are increasingly optimistic of $100,000. Despite the latest all-time high, BTC’s daily trading volume has declined by 5%, which shows that traders are still holding on to their assets.
Trends such as these will prove pivotal as the largest cryptocurrency heads towards its fourth halving next month. If the current demand ratio persists, the immediate supply shock of BTC after the halving could have a notable impact on its prices.
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