It’s happened again. Bitcoin’s price has blasted beyond $70,000 for the first time since June.
The largest crypto by market capitalization is up 3% on the day to $70,100, according to CoinGecko data.
The asset’s rise comes as investors again turn to the newly-approved exchange-traded funds (ETFs), providing a path for institutional investors—previously too cautious to purchase the asset on exchanges—regulated exposure to crypto.
Investors this month have thrown billions of dollars at the new investment vehicles following a hiatus earlier this year.
The products have been wildly popular, taking in more than $20 billion this year. BlackRock’s iShares Bitcoin Trust has been the most successful of the ten vehicles to date.
Bitcoin hit a new all-time high of $73,737 in March, just two months after the Bitcoin ETFs were approved.
The asset then struggled following geopolitical tensions in the Middle East and uncertainty over what the U.S. Federal Reserve would do regarding historically high interest rates.
But the central bank decided to slash rates last month, and investors have again gained an appetite for “risk-on” assets like Bitcoin (such investments do better in a low-interest rate environment because it is cheaper to borrow money.)
It’s not just Bitcoin that’s on the up: Ethereum’s price has also jumped today and now stands at $2,566.
And Dogecoin, which this week made a comeback following comments from the world’s richest man, Elon Musk, is the biggest winner over the past day. The asset, whose logo features a Japanese hunting dog, is up more than 13% to $0.16.
Edited by Sebastian Sinclair
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