It\'shappenedagain.Bitcoin\'spricehasblastedbeyond$70,000forthefirsttimesinceJune.
Thelargestcryptobymarketcapitalizationisup3%onthedayto$70,100,accordingtoCoinGeckodata.
Theasset\'srisecomesasinvestorsagainturntothenewly-approvedexchange-tradedfunds(ETFs),providingapathforinstitutionalinvestors—previouslytoocautioustopurchasetheassetonexchanges—regulatedexposuretocrypto.
Investorsthismonthhavethrownbillionsofdollarsatthenewinvestmentvehiclesfollowingahiatusearlierthisyear.
Theproductshavebeenwildlypopular,takinginmorethan$20billionthisyear.BlackRock\'siSharesBitcoinTrusthasbeenthemostsuccessfulofthetenvehiclestodate.
Bitcoinhitanewall-timehighof$73,737inMarch,justtwomonthsaftertheBitcoinETFswereapproved.
TheassetthenstruggledfollowinggeopoliticaltensionsintheMiddleEastanduncertaintyoverwhattheU.S.FederalReservewoulddoregardinghistoricallyhighinterestrates.
Butthecentralbankdecidedtoslashrateslastmonth,andinvestorshaveagaingainedanappetitefor“risk-on”assetslikeBitcoin(suchinvestmentsdobetterinalow-interestrateenvironmentbecauseitischeapertoborrowmoney.)
It\'snotjustBitcointhat\'sontheup:Ethereum\'spricehasalsojumpedtodayandnowstandsat$tk.
AndDogecoin,whichthisweekmadeacomebackfollowingcommentsfromtheworld\'srichestman,ElonMusk,isthebiggestwinneroverthepastday.Theasset,whoselogofeaturesaJapanesehuntingdog,isupmorethan13%to$0.16.
EditedbySebastianSinclair
decrypt.co