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Bitcoin exceeded $72 thousand and reached its all-time high in terms of BTC. This increase comes after the U.S. Securities and Exchange Commission (SEC) recently approved a spot Bitcoin ETFs.
While this important development has led to optimism among cryptocurrency investors, some remain cautious due to Bitcoin’s history of volatility.
Speaking to Yahoo Finance, Deutsche Bank Senior Economist Marion Laboure gave information about the factors that triggered Bitcoin’s recent gains and the potential impact of regulatory developments on the crypto market.
Laboure explained several factors that contributed to Bitcoin’s record-breaking rise. He reminded that a spot Bitcoin ETF was approved in January and other ETF approvals are expected in the near future. Additionally, Laboure pointed to expected interest rate cuts by central banks and upcoming regulatory measures as factors fueling Bitcoin’s rise.
The economist cited recent developments such as the UK Financial Conduct Authority’s (FCA) decision to allow exchange-traded securities backed by Bitcoin and Ethereum, among the factors supporting the rally. Laboure also outlined future regulations, including the implementation of MiCA regulation in the EU and the US, and increased oversight from regulators such as the CFTC and SEC.
When asked about the potential impact of the upcoming Bitcoin halving, Laboure reminded that there are historical trends showing price increases before and after halving events.
*This is not investment advice.
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