Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
Bitcoin (CRYPTO: BTC) prices are on a tear, approaching record highs after BlackRock‘s (NYSE:BLK) Bitcoin spot ETF achieved record-breaking inflows.
The price of Bitcoin touched $70,999 earlier today, currently sitting at $70,576, up 2.1% over the past 24 hours.
Other major cryptocurrencies also saw gains, with Ethereum (CRYPTO: ETH) at $3,822 (up 1.3%), Binance Coin (CRYPTO: BNB) at $666 (up 7.3%), and Solana (CRYPTO: SOL) at $168.8 (up 2.1%).
ETF Boom Fuels Bitcoin Adoption
The rapid growth of BlackRock’s Bitcoin ETF has been a key driver of the current rally. This ETF crossed the $20 billion mark in assets under management faster than any other ETF in history.
QCP Capital, a leading crypto research firm, highlights the significance of these developments.
“Unprecedented inflow access for traditional capital around the world will undoubtedly keep BTC price supported,” they state in a recent research report.
Also Read: Bitcoin Will Achieve Half The Market Cap Of Gold, Predicts VanEck CEO
Thailand And Australia Join The ETF Party
The trend extends beyond the US, with Thailand and Australia also embracing Bitcoin ETFs. Thailand’s SEC recently approved the country’s first Bitcoin spot ETF, while Australia’s first such ETF began trading today.
Nonfarm Payroll Data: A Potential Catalyst?
The upcoming release of Nonfarm Payroll (NFP) data on Friday is seen as a potential catalyst for further price movement. While markets currently predict no rate cuts this summer, a weaker NFP report could change that narrative.
QCP Capital suggests this could be the key to breaking Bitcoin’s all-time high.
Looking Beyond Bitcoin: Ethereum’s Turn?
QCP Capital also sees potential in Ethereum, anticipating a price surge with the upcoming launch of its own spot ETF.
They’ve even introduced a new investment strategy, the “ETH Early Delivery Accumulator,” designed to capitalize on this expected rise.
Navigating The Crypto Landscape: Benzinga’s Future Of Digital Assets
With the cryptocurrency market experiencing rapid evolution, staying informed is crucial.
The upcoming Benzinga Future of Digital Assets event, scheduled for Nov. 19 offers a valuable platform for investors of all levels.
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