Bitcoin Reaches $70 000

Bitcoin reached $70 thousand, trading data shows. The cryptocurrency started the week with revenge, making up for lost time in the previous week.

Previously, the main reason for the growth of the rate was said to be the huge demand for Bitcoin ETFs, but this time they are not particularly clear. Throughout March, the cryptocurrency reached new highs, accompanied by predictable corrections, but then went into a rather sharp decline. Thorne suggests that the current rise is due to investors temporarily stopping selling securities of Bitcoin exchange-traded funds.

“Record outflows from GBTC over the past two weeks are likely driven by the liquidation of bankrupt Genesis and Gemini and have contributed to weakening spot prices, but several technical indicators indicate that selling pressure is wearing off,” Thorne.