Bitcoin topped US$71,000 for the first time, advancing for a sixth straight day and taking this year’s rally to almost 70 per cent on the back of massive inflows into US exchange-traded funds.
The original cryptocurrency jumped as much as 3.2 per cent to US$71,631.45 on March 11.
“This rally comes following a weak Asian trading session in which shorts tested the conviction of longs – it appears the longs have given a rather convincing positive answer,” said Mr Richard Galvin, founder of Australia-based crypto-focused investment firm DACM.
Investors have poured a net almost US$10 billion (S$13.3 billion) into a batch of new Bitcoin ETFs since they launched in the US two months ago, igniting a broad surge in crypto markets. Digital assets scored another win on March 11, as the London Stock Exchange confirmed it will accept applications for admitting Bitcoin and Ether exchange-traded notes.