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05

Aug

Bitcoin tested over $ 65 thousand

Bitcoin rose for the second consecutive day, driven by expectations of strong demand from exchange-traded funds at the beginning of the week, and approached an all-time high.

Bitcoin rose above $ 64,000 for the first time since November 2021 in the early morning hours, rising to $ 64,279. Bitcoin tested above the $ 65,000 level with an intraday rise of over 3 per cent.

This rise is driven by the seemingly insatiable demand for the largest crypto token of US-listed Bitcoin ETFs, which started trading on 11 January. Bitcoin has increased by about 186 per cent in the last 12 months.

"Given the low liquidity over the weekend, markets are moving north in anticipation that tonight's ETF inflows will continue and prices will continue to rise," said Hayden Hughes, co-founder of social trading platform Alpha Impact.

A net investment of $ 7.35 billion has been made since the launch of US Bitcoin ETFs offered by a group of funds including BlackRock and Fidelity Investments.

Investors are predicting that the price will soon surpass the record of about $ 69,000 reached during the Covid pandemic, given the strong demand for ETFs and the concern of missing the opportunity ahead of the Bitcoin halving expected later this year.
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