Bitcoin Price Hits $73,000 Before Correction

Bitcoin saw a surge today, reaching $73,000 before a slight correction that brought it below $72,000. This marks a nearly 50% increase for the largest cryptocurrency this month, setting new weekly peaks.

Driving Bitcoin’s bullish rally are various factors, including recent developments. Thailand’s SEC approved asset management firms to launch spot Bitcoin ETFs, while the London Stock Exchange will soon accept applications for Bitcoin exchange-traded notes (ETN).

In other news, Blackrock, the largest Bitcoin ETF issuer, achieved a milestone with 200,000 Bitcoin under management within two months of launch. This, along with other developments, has led to increased optimism among investors, with many eyeing the $100,000 mark for Bitcoin.

Despite hitting all-time highs, Bitcoin’s daily trading volume has seen a slight 5% decline, indicating that traders are holding onto their assets. As Bitcoin approaches its fourth halving next month, trends like these will be crucial. If the current demand remains steady, the supply shock post-halving could significantly impact Bitcoin prices.

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