Bitcoin Blasts Past $70,000 for the First Time Since June as Investors Turn to ETFs

The largest crypto by market capitalization is up 3% on the day to $70,100, according to CoinGecko data.

Bitcoin price today surged past the $70,000 mark for the first time since June.

The world’s largest cryptocurrency by market capitalization was trading 3% higher at $70,100, CoinGecko data showed on Friday.

Bitcoin price today surged past the $70,000 mark for the first time since June.

The world’s largest cryptocurrency by market capitalization was trading 3% higher at $70,100, CoinGecko data showed on Friday.

Bitcoin price today surged higher as investors continue to pile into the recently-approved exchange-traded funds (ETFs), which are offering institutional investors — who were earlier hesitant to buy the asset on exchanges — regulated exposure to crypto.

After a pause earlier this year, investors have channeled billions of dollars into the new investment vehicles this month.

The products have been highly popular, attracting over $20 billion this year. BlackRock’s iShares Bitcoin Trust has been the most successful of the ten vehicles so far.

Bitcoin hit a new all-time high of $73,737 in March, just two months after the Bitcoin ETFs were approved.

The asset then faced difficulties amid geopolitical tensions in the Middle East and uncertainty over the U.S. Federal Reserve’s next move on interest rates, which were at historic highs.

However, the central bank decided to cut rates last month, and investors have once again shown interest in “risk-on” assets like Bitcoin (such investments perform better in a low-interest rate environment as it becomes cheaper to borrow money.)

Besides Bitcoin, Ethereum price also rose today, reaching $2,566.

Meanwhile, Dogecoin, which made a comeback this week after comments from world’s richest man Elon Musk, emerged as the biggest gainer over the past 24 hours. The asset, featuring a Japanese hunting dog in its logo, was trading over 13% higher at $0.16.