Hong Kong marked a milestone in its ambition to become a regional hub for virtual asset investment as it commenced trading Asia's inaugural spot bitcoin and ether exchange-traded funds (ETFs) on Tuesday. <o:p></o:p>

This move follows the US, which paved the way for mainstream investors to incorporate Bitcoin into their portfolios through ETFs pegged to the cryptocurrency's spot price. <o:p></o:p>

Hong Kong's bourse saw the introduction of six funds by three managers—Bosera Funds, China Asset Management (Hong Kong) Limited, and Harvest Global Investments—each issuing spot bitcoin and ether ETFs tradable in both Hong Kong and US dollars. <o:p></o:p>

ChinaAMC (HK) additionally enabled trading in Chinese yuan, expanding the accessibility of digital assets to investors. <o:p></o:p>

In the early hours of trading, the new ETFs showed promising performance, with price increases ranging from 0.62 per cent to 3.81 per cent, highlighting investor interest and confidence in the emerging asset class. <o:p></o:p>

Despite predictions that these funds may not attract inflows comparable to their US counterparts, industry experts remain optimistic about their potential to catalyse broader adoption of digital assets globally. <o:p></o:p>

The inclusion of bitcoin and ether ETFs in Hong Kong's financial ecosystem comes with the city's efforts to position itself competitively against established financial centres like the US, leveraging its unique advantages such as in-kind trading.<o:p></o:p>

Unlike traditional ETFs, which primarily transact in fiat currencies like the US dollar, Hong Kong's approach allows investors to conduct in-kind creation and redemption through eligible dealers, facilitating direct investment using bitcoin and ether. <o:p></o:p>

Han Tongli, CEO of Harvest Global, highlighted this distinct advantage over the US market, positioning Hong Kong as a major contender in the international financial arena. <o:p></o:p>

Tongli acknowledged the city's role in fostering innovation and development, defending its status as a premier global financial hub. <o:p></o:p>

Moreover, Hong Kong's regulatory flexibility presents an opportunity for China to explore virtual asset trading, a sector currently prohibited on the mainland.<o:p></o:p>

While demand for bitcoin ETFs in the US has moderated following an initial surge in February, Hong Kong's foray into digital asset investment signifies a wider trend towards embracing cryptocurrencies and blockchain technology. <o:p></o:p>

With regulatory bodies like the Securities and Futures Commission showing their readiness to facilitate retail investment in digital asset funds, Hong Kong is set to attract further interest from fund managers seeking to capitalise on the developing&nbsp;market.<o:p></o:p>

(With inputs from AFP)<o:p></o:p>

Hong Kong marked a milestone in its ambition to become a regional hub for virtual asset investment as it commenced trading Asia's inaugural spot bitcoin and ether exchange-traded funds (ETFs) on Tuesday.

Hong Kong marked a milestone in its ambition to become a regional hub for virtual asset investment as it commenced trading Asia's inaugural spot bitcoin and ether exchange-traded funds (ETFs) on Tuesday. This move follows the US, which paved the way for mainstream investors to incorporate Bitcoin into their portfolios through ETFs pegged to the cryptocurrency's spot price. Hong Kong's bourse saw the introduction of six funds by three managers—Bosera Funds, China Asset Management (Hong Kong) Limited, and Harvest Global Investments—each issuing spot bitcoin and ether ETFs tradable in both Hong Kong and US dollars. ChinaAMC (HK) additionally enabled trading in Chinese yuan, expanding the accessibility of digital assets to investors. In the early hours of trading, the new ETFs showed promising performance, with price increases ranging from 0.62 per cent to 3.81 per cent, highlighting investor interest and confidence in the emerging asset class. Despite predictions that these funds may not attract inflows comparable to their US counterparts, industry experts remain optimistic about their potential to catalyse broader adoption of digital assets globally. The inclusion of bitcoin and ether ETFs in Hong Kong's financial ecosystem comes with the city's efforts to position itself competitively against established financial centres like the US, leveraging its unique advantages such as in-kind trading. Unlike traditional ETFs, which primarily transact in fiat currencies like the US dollar, Hong Kong's approach allows investors to conduct in-kind creation and redemption through eligible dealers, facilitating direct investment using bitcoin and ether. Han Tongli, CEO of Harvest Global, highlighted this distinct advantage over the US market, positioning Hong Kong as a major contender in the international financial arena. Tongli acknowledged the city's role in fostering innovation and development, defending its status as a premier global financial hub. Moreover, Hong Kong's regulatory flexibility presents an opportunity for China to explore virtual asset trading, a sector currently prohibited on the mainland. While demand for bitcoin ETFs in the US has moderated following an initial surge in February, Hong Kong's foray into digital asset investment signifies a wider trend towards embracing cryptocurrencies and blockchain technology. With regulatory bodies like the Securities and Futures Commission showing their readiness to facilitate retail investment in digital asset funds, Hong Kong is set to attract further interest from fund managers seeking to capitalise on the developing market. (With inputs from AFP)

Hong Kong launches Asia's 1st Bitcoin, Ether ETFs, pioneering virtual asset investment

Investors are sending mixed signals about the future of the US economy. On one hand, the price of gold and bitcoin are soaring, reaching record highs. On the other hand, the treasury market remains remarkably calm, with bond yields staying low. We'll delve into these seemingly contradictory trends and what they might mean for the US fiscal future.

US debt sparks gold & Bitcoin rally

The crypto community worldwide is dealing with this billion-dollar question: Who created bitcoin and the 2008 white paper that launched the blockchain-based cryptocurrency? For years, people attributed the creation of this revolutionary currency to a mythical figure known as ‘Satoshi Nakamoto.’ It is believed that Satoshi Nakamoto published the white paper in 2008, exchanged some emails with the currency’s first adherents and then disappeared in 2011.

Satoshi Nakamoto is shrouded in such a mystery that some even doubt the existence of any such person.

However, the debate around the real owner of bitcoin turned intense in 2016 when Australian techie, Craig Wright, asserted that he is the progenitor of the highly-valued cryptocurrency. Additionally, he accused the crypto developer community of “misusing his creation” and converting it into an expensively traded commodity while the original idea was to make it like digital cash for small, everyday transactions.

However,&nbsp;Wright who claims he invented bitcoin is not "Satoshi Nakamoto", the pseudonymous inventor of the cryptocurrency, a judge at London's High Court ruled on Thursday.

Judge James Mellor said at the end of closing arguments on Thursday that the evidence Wright was not Satoshi was "overwhelming".

"Dr Wright is not the author of the Bitcoin white paper," Mellor said. "Dr Wright is not the person who adopted or operated under the pseudonym Satoshi Nakamoto in the period 2008 to 2011."

<h2>Opposition from the Cryptocurrency Open Patent Alliance</h2>

While the 53-year-old Australian techie has fought a number of legal clashes over the past eight years, the recent one features the Crypto Open Patent Alliance (COPA), which vehemently opposes Wright’s claims and dismisses them as “brazen lie.”

It asked the high court in London for a ruling, or “negative declaration”, that Wright is not Nakamoto. COPA is no ordinary organisation, with ex-Twitter owner Jack Dorsey and the cryptocurrency exchange giant Coinbase as its main backers.

The trial, which started on Monday (Feb 5), is expected to last a month and is being heard at the high court’s business and property courts of England and Wales.

COPA’s barrister, Jonathan Hough, said on the first day of the trial, “Our case is that Dr Wright’s claim to be Satoshi Nakamoto is a brazen lie, an elaborate false narrative supported by forgery on an industrial scale.”

Hough also claimed that the documents that Wright presented to prove himself as Satoshi were fake and contradictory.

<h2>Claims by COPA against Craig Wright</h2>

In a court filing, COPA alleged that the copy of the 2008 “white paper”, which is the foundation text of bitcoin, presented by Wright is written in a different format from the original document. COPA maintains while Wright’s copy is written using LaTeX, the original copy was written using OpenOffice.

COPA further added that the file presented by Craig Wright leads to a pdf “which only superficially resembles the bitcoin white paper but which is in fact substantially different”.

COPA also alleged, using metadata information from the file itself, that it was created on 19 November 2023 as a blank document. COPA even added that one document disclosed by Wright appeared to have been written by ChatGPT.

<h2>Counterarguments by Craig Wright</h2>

Craig Wright argues that some of the apparent inconsistencies in his documentary evidence are caused by back-dated edits, technical glitches, logistical or legal snafus, or unauthorised tampering.

Wright also questioned the credibility of the independent experts who pointed out flaws in his documents. “I have done over 20 masters degrees now,” Wright is said to have boasted in the courtroom. However, the court ruled that it was open to relying on opinions given by an independent expert.

<h2>COPA rejects Wright’s settlement offer</h2>

Last month, Wright reportedly offered to settle the case, a move rejected by COPA. The offer included the involved parties to make a donation to a church in Australia and a mandate for his critics in the developer community to cease “any media campaign(s) against me”.

The offer also required unnamed entities to cease to claim that they represent the original bitcoin “as envisioned by me as Satoshi Nakamoto”.

“I believe the settlement terms are broadly uncontroversial, beneficial to the industry as a whole, and intended to draw a fresh start in the history of bitcoin to guarantee its success in whatever form it takes,” Wright reportedly wrote&nbsp;in his settlement offer.

Watch:&nbsp;Who is Satoshi Nakamoto? UK court to decide on Bitcoin founder’s identity

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/who-is-satoshi-nakamoto-uk-court-to-decide-on-bitcoin-founders-identity-687572/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

However, COPA said the offer carried several loopholes that Wright could still use in his favour to issue threats against the developer community.

<h2>Where are bitcoin’s private keys?</h2>

Despite claiming himself to be the original creator of bitcoin, Wright has so far failed to provide the private keys – a secure code comprising a hexadecimal string of numbers and letters – that would unlock access to the 1.1m original bitcoins “mined” by Nakamoto that are worth about $46bn at the current price.

Wright claims that he had destroyed the computer hard drive which would have given him access to the keys.

Also read:&nbsp;<a data-jsarwt="1" data-usg="AOvVaw2kpm4_wgPHMijoR8qCK5PR" data-ved="2ahUKEwj4-53j4p6EAxXUTWwGHXKqATIQxfQBKAB6BAgQEAE" href="https://www.wionews.com/world/who-is-satoshi-nakamoto-war-begins-in-the-uk-court-to-decide-on-bitcoin-founders-identity-687233" jsname="YKoRaf">Who is Satoshi Nakamoto? `War` begins in the UK court to decide on Bitcoin founder’s identity</a>

As the court case drags on, the crypto community is making interpretations of the proceedings back and forth. The case has generated so much interest that the court has even allowed people to log in and watch it remotely.

&nbsp;Meanwhile, a spokesperson of Wright said the trial was “really a war.”

“Think of it as a modern-day tech battle, akin to that between Blu-ray and HD DVD or, for even older readers, Betamax versus VHS,” he added.

(With inputs from agencies)

The crypto community worldwide is dealing with this billion-dollar question: Who created bitcoin and the 2008 white paper that launched the blockchain-based cryptocurrency?

The crypto community worldwide is dealing with this billion-dollar question: Who created bitcoin and the 2008 white paper that launched the blockchain-based cryptocurrency? For years, people attributed the creation of this revolutionary currency to a mythical figure known as ‘Satoshi Nakamoto.’ It is believed that Satoshi Nakamoto published the white paper in 2008, exchanged some emails with the currency’s first adherents and then disappeared in 2011. Satoshi Nakamoto is shrouded in such a mystery that some even doubt the existence of any such person. However, the debate around the real owner of bitcoin turned intense in 2016 when Australian techie, Craig Wright, asserted that he is the progenitor of the highly-valued cryptocurrency. Additionally, he accused the crypto developer community of “misusing his creation” and converting it into an expensively traded commodity while the original idea was to make it like digital cash for small, everyday transactions. However, Wright who claims he invented bitcoin is not "Satoshi Nakamoto", the pseudonymous inventor of the cryptocurrency, a judge at London's High Court ruled on Thursday. Judge James Mellor said at the end of closing arguments on Thursday that the evidence Wright was not Satoshi was "overwhelming". "Dr Wright is not the author of the Bitcoin white paper," Mellor said. "Dr Wright is not the person who adopted or operated under the pseudonym Satoshi Nakamoto in the period 2008 to 2011." Opposition from the Cryptocurrency Open Patent Alliance While the 53-year-old Australian techie has fought a number of legal clashes over the past eight years, the recent one features the Crypto Open Patent Alliance (COPA), which vehemently opposes Wright’s claims and dismisses them as “brazen lie.” It asked the high court in London for a ruling, or “negative declaration”, that Wright is not Nakamoto. COPA is no ordinary organisation, with ex-Twitter owner Jack Dorsey and the cryptocurrency exchange giant Coinbase as its main backers. The trial, which started on Monday (Feb 5), is expected to last a month and is being heard at the high court’s business and property courts of England and Wales. COPA’s barrister, Jonathan Hough, said on the first day of the trial, “Our case is that Dr Wright’s claim to be Satoshi Nakamoto is a brazen lie, an elaborate false narrative supported by forgery on an industrial scale.” Hough also claimed that the documents that Wright presented to prove himself as Satoshi were fake and contradictory. Claims by COPA against Craig Wright In a court filing, COPA alleged that the copy of the 2008 “white paper”, which is the foundation text of bitcoin, presented by Wright is written in a different format from the original document. COPA maintains while Wright’s copy is written using LaTeX, the original copy was written using OpenOffice. COPA further added that the file presented by Craig Wright leads to a pdf “which only superficially resembles the bitcoin white paper but which is in fact substantially different”. COPA also alleged, using metadata information from the file itself, that it was created on 19 November 2023 as a blank document. COPA even added that one document disclosed by Wright appeared to have been written by ChatGPT. Counterarguments by Craig Wright Craig Wright argues that some of the apparent inconsistencies in his documentary evidence are caused by back-dated edits, technical glitches, logistical or legal snafus, or unauthorised tampering. Wright also questioned the credibility of the independent experts who pointed out flaws in his documents. “I have done over 20 masters degrees now,” Wright is said to have boasted in the courtroom. However, the court ruled that it was open to relying on opinions given by an independent expert. COPA rejects Wright’s settlement offer Last month, Wright reportedly offered to settle the case, a move rejected by COPA. The offer included the involved parties to make a donation to a church in Australia and a mandate for his critics in the developer community to cease “any media campaign(s) against me”. The offer also required unnamed entities to cease to claim that they represent the original bitcoin “as envisioned by me as Satoshi Nakamoto”. “I believe the settlement terms are broadly uncontroversial, beneficial to the industry as a whole, and intended to draw a fresh start in the history of bitcoin to guarantee its success in whatever form it takes,” Wright reportedly wrote in his settlement offer. Watch: Who is Satoshi Nakamoto? UK court to decide on Bitcoin founder’s identity × However, COPA said the offer carried several loopholes that Wright could still use in his favour to issue threats against the developer community. Where are bitcoin’s private keys? Despite claiming himself to be the original creator of bitcoin, Wright has so far failed to provide the private keys – a secure code comprising a hexadecimal string of numbers and letters – that would unlock access to the 1.1m original bitcoins “mined” by Nakamoto that are worth about $46bn at the current price. Wright claims that he had destroyed the computer hard drive which would have given him access to the keys. Also read: Who is Satoshi Nakamoto? `War` begins in the UK court to decide on Bitcoin founder’s identity As the court case drags on, the crypto community is making interpretations of the proceedings back and forth. The case has generated so much interest that the court has even allowed people to log in and watch it remotely. Meanwhile, a spokesperson of Wright said the trial was “really a war.” “Think of it as a modern-day tech battle, akin to that between Blu-ray and HD DVD or, for even older readers, Betamax versus VHS,” he added. (With inputs from agencies)

Explained: Is Craig Wright the original Satoshi Nakamoto? The mystery of bitcoin inventor reaches UK court

El Salvador will transfer "a big chunk" of its bitcoin assets to an offline device that will be stored in a physical vault within the Central American country's territory, President Nayib Bukele said on Thursday (March 14).

"We've decided to transfer a big chunk of our Bitcoin to a cold wallet, and store that cold wallet in a physical vault within our national territory," Bukele, who last month was re-elected to a second term as president, said in a post on X. "It's not much, but it's honest work."

According to Bukele's social media account on Thursday, El Salvador's bitcoin portfolio is at close to $407 million.

The true size of the holdings remains unclear, but a recent rally in bitcoin values has reignited interest in the world's largest, if volatile, cryptocurrency.

Bitcoin on Thursday hit a record high of $73,800.

In September 2021, El Salvador became the first country in the world to establish bitcoin as legal tender, earning it harsh criticism. One of the strongest critics was the International Monetary Fund, which has been negotiating a large loan with the cash-poor country.

Bukele has also sketched plans for a tax-free crypto haven powered by geothermal energy from a volcano. As he prepares to enter his second term as president, ground has yet to be broken on this so-called Bitcoin City.

El Salvador will transfer "a big chunk" of its bitcoin assets to an offline device that will be stored in a physical vault within the Central American country's territory, President Nayib Bukele said on Thursday (March 14).

El Salvador will transfer "a big chunk" of its bitcoin assets to an offline device that will be stored in a physical vault within the Central American country's territory, President Nayib Bukele said on Thursday (March 14). "We've decided to transfer a big chunk of our Bitcoin to a cold wallet, and store that cold wallet in a physical vault within our national territory," Bukele, who last month was re-elected to a second term as president, said in a post on X. "It's not much, but it's honest work." According to Bukele's social media account on Thursday, El Salvador's bitcoin portfolio is at close to $407 million. The true size of the holdings remains unclear, but a recent rally in bitcoin values has reignited interest in the world's largest, if volatile, cryptocurrency. Bitcoin on Thursday hit a record high of $73,800. In September 2021, El Salvador became the first country in the world to establish bitcoin as legal tender, earning it harsh criticism. One of the strongest critics was the International Monetary Fund, which has been negotiating a large loan with the cash-poor country. Bukele has also sketched plans for a tax-free crypto haven powered by geothermal energy from a volcano. As he prepares to enter his second term as president, ground has yet to be broken on this so-called Bitcoin City.

El Salvador to transfer 'big chunk' of bitcoin to physical vault

A UK court ruled on Thursday (March 14) that Australian computer scientist Craig Wright is not "Satoshi Nakamoto", the pseudonym used by the creator of the cryptocurrency bitcoin when it was first unveiled in 2008.

"Dr Wright is not the person who adopted or operated under the pseudonym Satoshi Nakamoto... Dr Wright is not the person who created the Bitcoin system," High Court judge James Mellor said, calling the evidence "overwhelming".

It may be noted that over the years, Craig Wright has claimed that he's the mysterious Satoshi Nakamoto, the pseudonym used by the author of the 2008 white paper behind Bitcoin.&nbsp;

However, he has failed to back his claims and people in the crypto world were not buying it.&nbsp;

A group called the Crypto Open Patent Alliance (Copa), with support from Jack Dorsey's company Block and Coinbase, took Wright to court. They wanted the judge to say that Wright is not Nakamoto officially.

Wright's claims and the widespread scepticism around them have led to several legal clashes.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/bitcoin-plummets-to-40000-hits-lowest-point-since-etf-debut-682753">Bitcoin plummets to $40,000, hits lowest point since ETF debut</a>

<h2>Who is Nakamoto?</h2>

Bitcoin's creator, mythically known as Nakamoto, published a paper in 2008 that became the basis for the cryptocurrency. Nakamoto interacted with the first Bitcoin users but vanished in 2011. Since then, people have been guessing who Nakamoto is. Wright came forward in 2016, but he hasn't been able to prove it because he hasn't shown the private keys needed to access the original bitcoins Nakamoto mined.&nbsp;

(With inputs from agencies)

A UK court ruled on Thursday (March 14) that Australian computer scientist Craig Wright is not "Satoshi Nakamoto", the pseudonym used by the creator of the cryptocurrency bitcoin when it was first unveiled in 2008.

A UK court ruled on Thursday (March 14) that Australian computer scientist Craig Wright is not "Satoshi Nakamoto", the pseudonym used by the creator of the cryptocurrency bitcoin when it was first unveiled in 2008. "Dr Wright is not the person who adopted or operated under the pseudonym Satoshi Nakamoto... Dr Wright is not the person who created the Bitcoin system," High Court judge James Mellor said, calling the evidence "overwhelming". It may be noted that over the years, Craig Wright has claimed that he's the mysterious Satoshi Nakamoto, the pseudonym used by the author of the 2008 white paper behind Bitcoin. However, he has failed to back his claims and people in the crypto world were not buying it. A group called the Crypto Open Patent Alliance (Copa), with support from Jack Dorsey's company Block and Coinbase, took Wright to court. They wanted the judge to say that Wright is not Nakamoto officially. Wright's claims and the widespread scepticism around them have led to several legal clashes. Also read | Bitcoin plummets to $40,000, hits lowest point since ETF debut Who is Nakamoto? Bitcoin's creator, mythically known as Nakamoto, published a paper in 2008 that became the basis for the cryptocurrency. Nakamoto interacted with the first Bitcoin users but vanished in 2011. Since then, people have been guessing who Nakamoto is. Wright came forward in 2016, but he hasn't been able to prove it because he hasn't shown the private keys needed to access the original bitcoins Nakamoto mined. (With inputs from agencies)

Computer scientist Craig Wright is not the inventor of Bitcoin, UK judge rules

Bitcoin just hit a record high, but can it reach $100,000? The upcoming halving in april cuts miner rewards, impacting supply and potentially price. Know more about halving, the miner race, and the risks involved. Bullish or Bearish? Join us as WION Decodes.

Bitcoin is at record high, but will halving halt the wild run | WION Decodes

Bitcoin has reached an all-time high above $72,000 on Monday, continuing its upward trajectory as demand for the leading cryptocurrency shows no signs of declining, according to sources from Reuters. <o:p></o:p>

Bitcoin's latest surge, which peaked at $72,739, was accompanied by a 4.4 per cent increase, with the cryptocurrency currently valued at $72,649. <o:p></o:p>

The surge has been attributed to a huge influx of capital into new spot bitcoin exchange-traded funds and optimistic expectations of a potential interest rate cut by the Federal Reserve.<o:p></o:p>

"The recent surge in Bitcoin's value...underscores the remarkable strength and resilience of the leading cryptocurrency. This achievement not only marks a significant milestone but also reflects the continued confidence and demand in the market" Reuters quoted Bitfinex analysts as saying.<o:p></o:p>

DailyFX strategist Nick Cawley noted, "Bitcoin has started the week with a surge, dragging the rest of the cryptocurrency space higher with it." <o:p></o:p>

Flows of capital into the top 10 US spot bitcoin exchange-traded funds reached nearly $2 billion, despite slowing to a two-week low in the week leading up to March 8.<o:p></o:p>

As Bitcoin continues its ascent, experts highlight the upcoming "halving" event in April, which will tighten the supply of bitcoin. <o:p></o:p>

This event occurs every four years, reducing the rate at which new supply enters circulation and diminishing the reward for crypto miners. <o:p></o:p>

Such halving events historically provide support to the cryptocurrency's price. <o:p></o:p>

Despite the recent surge, the unpredictable nature of Bitcoin's price trajectory remains a challenge, with the cryptocurrency having less than two decades as a financial asset.<o:p></o:p>

The Financial Conduct Authority (FCA) in the UK has joined the list of regulators allowing digital asset trading products. <o:p></o:p>

The FCA announced its approval for recognised investment exchanges to launch crypto-backed exchange-traded notes (ETNs), cautioning that these products should be restricted to professional investors. <o:p></o:p>

The FCA expressed concerns about the potential harm to retail investors from crypto ETNs, while acknowledging the growing demand within the investment community for such products.<o:p></o:p>

Data from the US Commodity Futures Trading Commission reveals that asset managers now hold the largest bullish position in bitcoin futures on record. <o:p></o:p>

The net long position held by asset managers, often considered indicative of institutional investors' holdings such as mutual funds and pension funds, rose to 15,531 lots, valued at $5.5 billion based on the current bitcoin price. <o:p></o:p>

Meanwhile, the cryptocurrency Ether experienced a 3.97 per cent rise, reaching $4,062.07, driven by speculation that US regulators may approve spot ether ETF listings this year, resulting in a 75 per cent increase in its value in 2024.<o:p></o:p>

Additionally, for crypto stocks, Coinbase's shares rose by 2.8 per cent, while crypto miners Riot Platforms and Marathon Digital saw declines of 2.2 per cent and 6.1 per cent, respectively.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Bitcoin has reached an all-time high above $72,000 on Monday, continuing its upward trajectory as demand for the leading cryptocurrency shows no signs of declining, according to sources from Reuters.

Bitcoin has reached an all-time high above $72,000 on Monday, continuing its upward trajectory as demand for the leading cryptocurrency shows no signs of declining, according to sources from Reuters. Bitcoin's latest surge, which peaked at $72,739, was accompanied by a 4.4 per cent increase, with the cryptocurrency currently valued at $72,649. The surge has been attributed to a huge influx of capital into new spot bitcoin exchange-traded funds and optimistic expectations of a potential interest rate cut by the Federal Reserve. "The recent surge in Bitcoin's value...underscores the remarkable strength and resilience of the leading cryptocurrency. This achievement not only marks a significant milestone but also reflects the continued confidence and demand in the market" Reuters quoted Bitfinex analysts as saying. DailyFX strategist Nick Cawley noted, "Bitcoin has started the week with a surge, dragging the rest of the cryptocurrency space higher with it." Flows of capital into the top 10 US spot bitcoin exchange-traded funds reached nearly $2 billion, despite slowing to a two-week low in the week leading up to March 8. As Bitcoin continues its ascent, experts highlight the upcoming "halving" event in April, which will tighten the supply of bitcoin. This event occurs every four years, reducing the rate at which new supply enters circulation and diminishing the reward for crypto miners. Such halving events historically provide support to the cryptocurrency's price. Despite the recent surge, the unpredictable nature of Bitcoin's price trajectory remains a challenge, with the cryptocurrency having less than two decades as a financial asset. The Financial Conduct Authority (FCA) in the UK has joined the list of regulators allowing digital asset trading products. The FCA announced its approval for recognised investment exchanges to launch crypto-backed exchange-traded notes (ETNs), cautioning that these products should be restricted to professional investors. The FCA expressed concerns about the potential harm to retail investors from crypto ETNs, while acknowledging the growing demand within the investment community for such products. Data from the US Commodity Futures Trading Commission reveals that asset managers now hold the largest bullish position in bitcoin futures on record. The net long position held by asset managers, often considered indicative of institutional investors' holdings such as mutual funds and pension funds, rose to 15,531 lots, valued at $5.5 billion based on the current bitcoin price. Meanwhile, the cryptocurrency Ether experienced a 3.97 per cent rise, reaching $4,062.07, driven by speculation that US regulators may approve spot ether ETF listings this year, resulting in a 75 per cent increase in its value in 2024. Additionally, for crypto stocks, Coinbase's shares rose by 2.8 per cent, while crypto miners Riot Platforms and Marathon Digital saw declines of 2.2 per cent and 6.1 per cent, respectively. (With inputs from Reuters)

Bitcoin skyrockets to record highs surpassing $72,000 amid strong demand

Bitcoin just shattered another record. The digital currency surged past $72,000, fueled by a massive influx of investment and the anticipation of a supply squeeze. Take a look at this next report for more…

Bitcoin rockets to record $72,000 high amid ETF surge

<o:p></o:p>

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy.<o:p></o:p>

Bitcoin skyrockets to record highs surpassing $72,000 amid strong demand<o:p></o:p>

Bitcoin has reached an all-time high above $72,000 on Monday, continuing its upward trajectory as demand for the leading cryptocurrency shows no signs of declining.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/bitcoin-skyrockets-to-record-highs-surpassing-72000-amid-strong-demand-699210">Read more here</a><o:p></o:p>

Trump's TikTok U-turn: Says some kids will 'go crazy without it', Facebook 'enemy of the people'<o:p></o:p>

As the US is moving towards a possible ban on TikTok in the country, former president Donald Trump has now opposed it, saying such a step will only empower Facebook which in his view is the "enemy of the people".&nbsp;<o:p></o:p>

<a href="https://www.wionews.com/world/trump-takes-a-u-turn-on-tiktok-ban-says-facebook-is-enemy-of-the-people-699215">Read more here</a><o:p></o:p>

Elon Musk accused of using charity foundation to serve tax breaks and self-interests<o:p></o:p>

Elon Musk, the world's second-richest person, is under scrutiny as an in-depth report suggests that his charity, The Musk Foundation, is being utilised for tax breaks and self-serving interests.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/elon-musk-accused-of-using-charity-foundation-for-serving-tax-breaks-and-self-interests-699225">Read more here</a><o:p></o:p>

Byju's shifts to remote work, closes offices nationwide amid financial turmoil<o:p></o:p>

India’s Edtech firm, Byju's, has implemented a permanent work-from-home policy for its employees, with the exception of nearly 300 Byju's Tuition Centres.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/byjus-shifts-to-remote-work-closes-offices-nationwide-amid-financial-turmoil-699202">Read more here</a><o:p></o:p>

India still world’s largest arms importer with Russia being its top supplier: Report<o:p></o:p>

India continues to be the world’s largest arms importer, with Russia being the prime source of its procurement despite declining share in past years, the Stockholm International Peace Research Institute (SIPRI) reported on Monday (Mar 11).<o:p></o:p>

<a href="https://www.wionews.com/world/india-still-worlds-largest-arms-importer-with-russia-being-top-supplier-699242">Read more here</a><o:p></o:p>

IndiGo's co-founder Rakesh Gangwal sells $820 million stake in bulk deal<o:p></o:p>

Indian low-cost carrier, IndiGo’s co-founder, Rakesh Gangwal, has sold 5.8 per cent stake in operator Interglobe Aviation via bulk deals, raising a sum of ₹6,785 crore ($820.3 million) on Monday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indigo-co-founder-rakesh-gangwal-sells-820-million-stake-in-bulk-deal-699251">Read more here</a><o:p></o:p>

Ford settles US import tariff evasion case, agrees to pay $365 million<o:p></o:p>

In a resolution to a decade-old dispute, Ford Motor will pay a hefty sum of $365 million to settle allegations brought forth by the US Justice Department.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/ford-settles-us-import-tariff-evasion-case-agrees-to-pay-365-million-699261">Read more here</a><o:p></o:p>

Xiaomi set to revolutionise EV market with SU7 launch, shares surge 7 pc<o:p></o:p>

China's tech giant Xiaomi has announced the commencement of deliveries for its first electric vehicle (EV) model, SU7, this month, marking its foray into the competitive automotive landscape<o:p></o:p>

<a href="https://www.wionews.com/business-economy/xiaomi-set-to-revolutionise-ev-market-with-su7-launch-shares-surge-7-pc-699271">Read more here</a><o:p></o:p>

Boeing’s present troubles present an opportunity for Airbus to ascend. Here’s how<o:p></o:p>

Airbus, once the underdog, has soared to prominence, surpassing Boeing with its A320 series becoming the best-selling aircraft of all time in 2019.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/boeings-present-troubles-present-an-opportunity-for-airbus-to-ascend-heres-how-699290">Read more here</a><o:p></o:p>

FTC hearing set for Kroger-Albertsons merger amid price hike concerns<o:p></o:p>

US District Judge Adrienne Nelson has scheduled a hearing for August 26 to consider the Federal Trade Commission's request for a preliminary injunction against Kroger's $24.6 billion acquisition of Albertsons, a smaller rival.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/ftc-hearing-set-for-kroger-albertsons-merger-amid-price-hike-concerns-699295">Read more here</a><o:p></o:p>

JPMorgan CEO Jamie Dimon urges Fed caution on interest rate cuts<o:p></o:p>

Jamie Dimon, CEO of JPMorgan Chase, has advised the Federal Reserve to exercise prudence before considering any interest rate cuts, urging the central bank to uphold its credibility in combating inflation.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/jpmorgan-ceo-jamie-dimon-urges-fed-caution-on-interest-rate-cuts-699297">Read more here</a> <o:p></o:p>

US Commerce Secretary announces $1 billion investments in Philippines<o:p></o:p>

During an official visit to Manila on Monday, US Commerce Secretary Gina Raimondo revealed that American companies are poised to unveil investments totalling more than $1 billion in the Philippines.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/us-commerce-secretary-announces-1-billion-investments-in-philippines-699300">Read more here</a> <o:p></o:p>

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Bitcoin skyrockets to record highs surpassing $72,000 amid strong demand Bitcoin has reached an all-time high above $72,000 on Monday, continuing its upward trajectory as demand for the leading cryptocurrency shows no signs of declining.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Bitcoin skyrockets to record highs surpassing $72,000 amid strong demand Bitcoin has reached an all-time high above $72,000 on Monday, continuing its upward trajectory as demand for the leading cryptocurrency shows no signs of declining. Read more here Trump's TikTok U-turn: Says some kids will 'go crazy without it', Facebook 'enemy of the people' As the US is moving towards a possible ban on TikTok in the country, former president Donald Trump has now opposed it, saying such a step will only empower Facebook which in his view is the "enemy of the people". Read more here Elon Musk accused of using charity foundation to serve tax breaks and self-interests Elon Musk, the world's second-richest person, is under scrutiny as an in-depth report suggests that his charity, The Musk Foundation, is being utilised for tax breaks and self-serving interests. Read more here Byju's shifts to remote work, closes offices nationwide amid financial turmoil India’s Edtech firm, Byju's, has implemented a permanent work-from-home policy for its employees, with the exception of nearly 300 Byju's Tuition Centres. Read more here India still world’s largest arms importer with Russia being its top supplier: Report India continues to be the world’s largest arms importer, with Russia being the prime source of its procurement despite declining share in past years, the Stockholm International Peace Research Institute (SIPRI) reported on Monday (Mar 11). Read more here IndiGo's co-founder Rakesh Gangwal sells $820 million stake in bulk deal Indian low-cost carrier, IndiGo’s co-founder, Rakesh Gangwal, has sold 5.8 per cent stake in operator Interglobe Aviation via bulk deals, raising a sum of ₹6,785 crore ($820.3 million) on Monday. Read more here Ford settles US import tariff evasion case, agrees to pay $365 million In a resolution to a decade-old dispute, Ford Motor will pay a hefty sum of $365 million to settle allegations brought forth by the US Justice Department. Read more here Xiaomi set to revolutionise EV market with SU7 launch, shares surge 7 pc China's tech giant Xiaomi has announced the commencement of deliveries for its first electric vehicle (EV) model, SU7, this month, marking its foray into the competitive automotive landscape Read more here Boeing’s present troubles present an opportunity for Airbus to ascend. Here’s how Airbus, once the underdog, has soared to prominence, surpassing Boeing with its A320 series becoming the best-selling aircraft of all time in 2019. Read more here FTC hearing set for Kroger-Albertsons merger amid price hike concerns US District Judge Adrienne Nelson has scheduled a hearing for August 26 to consider the Federal Trade Commission's request for a preliminary injunction against Kroger's $24.6 billion acquisition of Albertsons, a smaller rival. Read more here JPMorgan CEO Jamie Dimon urges Fed caution on interest rate cuts Jamie Dimon, CEO of JPMorgan Chase, has advised the Federal Reserve to exercise prudence before considering any interest rate cuts, urging the central bank to uphold its credibility in combating inflation. Read more here US Commerce Secretary announces $1 billion investments in Philippines During an official visit to Manila on Monday, US Commerce Secretary Gina Raimondo revealed that American companies are poised to unveil investments totalling more than $1 billion in the Philippines. Read more here

WION Business Wrap | Bitcoin’s ascend to $72,000, Trump’s TikTok U-turn and more

After a brutal crypto winter that saw bitcoin prices plummet, miners are back in action. Fueled by a recent surge in Bitcoin value – up over 400% since its 2022 lows – and the upcoming "Halving" event in April, miners are in a race to maximize profits. The halving, a pre-programmed feature of Bitcoin's code, cuts miner rewards in half, significantly impacting their income stream.

Bitcoin miners gear up for halving

Is the Bitcoin boom unsustainable?

The bitcoin rally continued on friday as it reached a record-high of $70,000 before falling to the $68,000-levels amid volatile trading. The latest surge is an indication of the crypto mania that has gripped the investor communitty, especially in the US.

Demand for US Bitcoin etfs boost Bitcoin prices

Bitcoin rallied to a record high on Friday in volatile trade, as crypto mania continued to sweep through the investment community.

The leading cryptocurrency topped the $70,000 mark for the first time, boosted by investor demand for new U.S. spot exchange-traded crypto products and expectations for global interest rates to fall.

Billions of dollars have flowed into ETFs in the past few weeks and the market is getting extra support from an outlook that includes an upgrade to the ethereum blockchain platform, home to bitcoin rival ether, and a bitcoin "halving" event, which slows the flow of bitcoin minting, in April.

The approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission in late January had marked a watershed moment for the industry, following an 18-month long crypto winter plagued by a string of high-profile corporate bankruptcies and scandals.

Even institutional investors who once shunned crypto due to its sharp and wild moves, have begun committing long-term money too, which analysts say could help sustain the latest leg of this rally.

Net flows into the 10 largest U.S. spot bitcoin funds reached $2.2 billion in the week ended March 1, with more than $2 billion of that going into BlackRock's iShares Bitcoin Trust, according to LSEG data.

The recent optimism over bitcoin has also spilled over to other digital tokens, particularly ether, which ranks second behind bitcoin in terms of total market value, up more than 60% since the start of the year.

Still, some say it's hard to shake off the speculative nature of these assets. After hitting the record high on Tuesday, bitcoin sharply reversed course and fell more than 10% back below the $60,000 level.

Bitcoin rallied to a record high on Friday in volatile trade, as crypto mania continued to sweep through the investment community. The leading cryptocurrency topped the $70,000 mark for the first time, boosted by investor demand for new U.

Bitcoin rallied to a record high on Friday in volatile trade, as crypto mania continued to sweep through the investment community. The leading cryptocurrency topped the $70,000 mark for the first time, boosted by investor demand for new U.S. spot exchange-traded crypto products and expectations for global interest rates to fall. Billions of dollars have flowed into ETFs in the past few weeks and the market is getting extra support from an outlook that includes an upgrade to the ethereum blockchain platform, home to bitcoin rival ether, and a bitcoin "halving" event, which slows the flow of bitcoin minting, in April. The approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission in late January had marked a watershed moment for the industry, following an 18-month long crypto winter plagued by a string of high-profile corporate bankruptcies and scandals. Even institutional investors who once shunned crypto due to its sharp and wild moves, have begun committing long-term money too, which analysts say could help sustain the latest leg of this rally. Net flows into the 10 largest U.S. spot bitcoin funds reached $2.2 billion in the week ended March 1, with more than $2 billion of that going into BlackRock's iShares Bitcoin Trust, according to LSEG data. The recent optimism over bitcoin has also spilled over to other digital tokens, particularly ether, which ranks second behind bitcoin in terms of total market value, up more than 60% since the start of the year. Still, some say it's hard to shake off the speculative nature of these assets. After hitting the record high on Tuesday, bitcoin sharply reversed course and fell more than 10% back below the $60,000 level.

Bitcoin rises to record high over $70,000

A trial unfolding this week in the UK centers on the biggest open question in the cryptocurrency world: who invented Bitcoin? Watch in for more details!

UK court's trial to uncover mystery around 'who invented Bitcoin'

Bitcoin rose to a record high on Tuesday, breaching the previous high set over two years ago. The original crypto didn't remain at its new all-time high for long, as many traders took advantage of the chance to book some profit. Bitcoin rose as much as 2.5% to $69,191.95 before retreating to around $62,000.

Bitcoin tops $69,000 to new record high

Bitcoin soared to a new record high on Tuesday, fuelled by investors pouring money into US&nbsp;spot exchange-traded crypto products and the prospect that global interest rates may fall.

The world's largest cryptocurrency hit a high of $69,202, topping November 2021's all-time peak of $68,999.99. Investor interest has increased since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January. It then traded lower and was last at $65,792.

“The bitcoin all-time high marks a turning point for crypto," said Nathan McCauley, CEO and co-founder of crypto platform Anchorage Digital. "Traditional institutions were once sitting out; today, they are here in full force as the principal drivers of the crypto bull market."

Bitcoin's meteoric nearly 160 per cent&nbsp;ascent since October, of which 44 per cent&nbsp;came in February alone, marks a sharp contrast to 2022, when the market was beaten into an 18-month-long crypto winter, plagued by a string of high-profile corporate bankruptcies and scandal.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/bitcoin-surges-beyond-68000-approaches-all-time-high-amid-record-inflows-696675">Bitcoin surges beyond $68,000, approaches all-time high amid record inflows</a>

Net flows into the 10 largest U.S. spot bitcoin funds reached $2.2 billion in the week ended March 1, with more than $2 billion of that going into BlackRock's iShares Bitcoin Trust, according to LSEG data.

"We've been fielding more questions from the field on bitcoin, especially now that there are more efficient and cheaper ways to own bitcoin after the recent slew of ETF launches," said David Wagner, a portfolio manager at Aptus Capital Advisors.

<h2>RISK ON</h2>

In addition to demand from a wider pool of investors,&nbsp;bitcoin, and crypto generally, has gotten a boost from the prospect of the Federal Reserve cutting U.S. interest rates, which often prompts investors to divert capital into assets that are higher yielding or more volatile.

“One part of (bitcoin's rally) has to do with the generally positive sentiment on risk in general," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets. "You can see that in the all-time high in the S&amp;P 500 and Nasdaq."

Investors have lapped up crypto, mega-cap technology stocks and investment-grade corporate bonds in particular this year.

Also on Tuesday, gold struck a record high, moving further above $2,100 per ounce in a rally sparked by growing bets for a US&nbsp;interest rate cut in June.

"(Cryptocurrencies) are now being used as an alternative to using gold when markets are looking to hedging against increased risks, higher interest rates," said Stuart Cole, chief economist at Equiti Capital. "So no surprise I think that when you see the gold price rallying, cryptos are doing the same.”

Analysts say&nbsp;bitcoin&nbsp;also benefited ahead of April's so-called halving event - a process that takes place every four years in which the rate at which tokens are released is cut in half, along with the rewards given to miners.

Supply of&nbsp;bitcoin&nbsp;is limited to 21 million, of which 19 million have already been mined.

Despite its recent popularity, for many investors,&nbsp;bitcoin&nbsp;is simply too volatile and lacks enough real-world applications to be anything other than a speculative asset.

Yet, in addition to the cocktail of flows of money into ETFs, the prospect of constrained&nbsp;bitcoin&nbsp;supply and an eventual decline in U.S. interest rates, some companies are adding crypto to their corporate coffers.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/bitcoin-plummets-to-40000-hits-lowest-point-since-etf-debut-682753">Bitcoin plummets to $40,000, hits lowest point since ETF debut</a>

In February, software firm MicroStrategy - a long time holder of&nbsp;bitcoin&nbsp;- said it had recently bought about 3,000 more&nbsp;bitcoins for $155 million, while social media platform Reddit also said in a regulatory filing it had bought small amounts of&nbsp;bitcoin&nbsp;and ether.

On Monday, the number of dollar-pegged stablecoins issued by Tether crossed $100 billion for the first time. Tether issues a stablecoin that is designed to maintain a constant value of $1 and is widely used as a way of moving money in cryptocurrency without being exposed to price swings in other tokens such as&nbsp;bitcoin&nbsp;and ether.

The price of ether, the world's second largest cryptocurrency was last trading at $3,706, well below its record high of $4,867 that it touched in November 2021.

"Active trader positioning in&nbsp;bitcoin&nbsp;now appears fairly long. Valuations for ether and most other tokens remain below their highs from the previous crypto cycle," said Zach Pandl, head of research at Grayscale Investments.

Crypto stocks were trading lower on Tuesday, with shares in Coinbase down 2.5 per cent&nbsp;and shares in crypto miners Riot Platforms and Marathon Digital down 9.7 per cent&nbsp;and 11.1 per cent, respectively.

Bitcoin soared to a new record high on Tuesday, fuelled by investors pouring money into US spot exchange-traded crypto products and the prospect that global interest rates may fall.

Bitcoin soared to a new record high on Tuesday, fuelled by investors pouring money into US spot exchange-traded crypto products and the prospect that global interest rates may fall. The world's largest cryptocurrency hit a high of $69,202, topping November 2021's all-time peak of $68,999.99. Investor interest has increased since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January. It then traded lower and was last at $65,792. “The bitcoin all-time high marks a turning point for crypto," said Nathan McCauley, CEO and co-founder of crypto platform Anchorage Digital. "Traditional institutions were once sitting out; today, they are here in full force as the principal drivers of the crypto bull market." Bitcoin's meteoric nearly 160 per cent ascent since October, of which 44 per cent came in February alone, marks a sharp contrast to 2022, when the market was beaten into an 18-month-long crypto winter, plagued by a string of high-profile corporate bankruptcies and scandal. Also Read | Bitcoin surges beyond $68,000, approaches all-time high amid record inflows Net flows into the 10 largest U.S. spot bitcoin funds reached $2.2 billion in the week ended March 1, with more than $2 billion of that going into BlackRock's iShares Bitcoin Trust, according to LSEG data. "We've been fielding more questions from the field on bitcoin, especially now that there are more efficient and cheaper ways to own bitcoin after the recent slew of ETF launches," said David Wagner, a portfolio manager at Aptus Capital Advisors. RISK ON In addition to demand from a wider pool of investors, bitcoin, and crypto generally, has gotten a boost from the prospect of the Federal Reserve cutting U.S. interest rates, which often prompts investors to divert capital into assets that are higher yielding or more volatile. “One part of (bitcoin's rally) has to do with the generally positive sentiment on risk in general," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets. "You can see that in the all-time high in the S&P 500 and Nasdaq." Investors have lapped up crypto, mega-cap technology stocks and investment-grade corporate bonds in particular this year. Also on Tuesday, gold struck a record high, moving further above $2,100 per ounce in a rally sparked by growing bets for a US interest rate cut in June. "(Cryptocurrencies) are now being used as an alternative to using gold when markets are looking to hedging against increased risks, higher interest rates," said Stuart Cole, chief economist at Equiti Capital. "So no surprise I think that when you see the gold price rallying, cryptos are doing the same.” Analysts say bitcoin also benefited ahead of April's so-called halving event - a process that takes place every four years in which the rate at which tokens are released is cut in half, along with the rewards given to miners. Supply of bitcoin is limited to 21 million, of which 19 million have already been mined. Despite its recent popularity, for many investors, bitcoin is simply too volatile and lacks enough real-world applications to be anything other than a speculative asset. Yet, in addition to the cocktail of flows of money into ETFs, the prospect of constrained bitcoin supply and an eventual decline in U.S. interest rates, some companies are adding crypto to their corporate coffers. Also Read | Bitcoin plummets to $40,000, hits lowest point since ETF debut In February, software firm MicroStrategy - a long time holder of bitcoin - said it had recently bought about 3,000 more bitcoins for $155 million, while social media platform Reddit also said in a regulatory filing it had bought small amounts of bitcoin and ether. On Monday, the number of dollar-pegged stablecoins issued by Tether crossed $100 billion for the first time. Tether issues a stablecoin that is designed to maintain a constant value of $1 and is widely used as a way of moving money in cryptocurrency without being exposed to price swings in other tokens such as bitcoin and ether. The price of ether, the world's second largest cryptocurrency was last trading at $3,706, well below its record high of $4,867 that it touched in November 2021. "Active trader positioning in bitcoin now appears fairly long. Valuations for ether and most other tokens remain below their highs from the previous crypto cycle," said Zach Pandl, head of research at Grayscale Investments. Crypto stocks were trading lower on Tuesday, with shares in Coinbase down 2.5 per cent and shares in crypto miners Riot Platforms and Marathon Digital down 9.7 per cent and 11.1 per cent, respectively.

Bitcoin reaches new record high, tops $69,000 as investors cheer ETFs, rate prospects

Bitcoin has surged to a two-year high, surpassing the $68,000 mark and nearing its previous all-time peak set in November 2021. While, global stock indexes are also hitting record levels, some analysts caution against excessive exuberance, noting the volatility inherent in the crypto market. Take a look at this next report for more.

Bitcoin hits 2-year high

Bitcoin has experienced a remarkable rally, hitting a two-year high on Monday and surpassing the $68,000 mark, bringing it close to its all-time high. <o:p></o:p>

According to Reuters, the cryptocurrency reached a session peak of $68,580, with the latest recorded value standing at $68,161. <o:p></o:p>

This surge follows a 50 per cent gain in Bitcoin's value this year, primarily driven by significant inflows into US-listed Bitcoin funds, especially in recent weeks.<o:p></o:p>

"The flows are not drying up as investors feel more confident the higher price appears to go," remarked Markus Thielen, head of research at 10x Research in Singapore. <o:p></o:p>

The approval and launch of spot bitcoin exchange-traded funds (ETFs) in the United States earlier this year have played a pivotal role in attracting new large investors. <o:p></o:p>

This development has reignited enthusiasm and momentum, reminiscent of Bitcoin's run-up to record levels in 2021.<o:p></o:p>

Net flows into the top 10 US spot bitcoin funds totalled $2.17 billion in the week ending March 1, with over half of this capital directed towards BlackRock's iShares Bitcoin Trust, according to data from LSEG. <o:p></o:p>

The surge in Bitcoin's value has also influenced other cryptocurrencies, with Ethereum (ETH) experiencing a 50 per cent year-to-date increase. <o:p></o:p>

On Monday, Ethereum traded at two-year highs, marking a 2.6 per cent daily increase and reaching $3,518.<o:p></o:p>

This crypto rally coincides with records being shattered across traditional stock indexes, from Japan's Nikkei to the S&amp;P 500 and the tech-heavy Nasdaq. <o:p></o:p>

Simultaneously, volatility indicators in equities and foreign exchange have trended lower. <o:p></o:p>

Brent Donnelly, trader and president at Spectra Markets, commented on the market dynamics, stating, "In a world where Nasdaq is making new all-time highs, crypto is going to perform well as bitcoin remains a high-volatility tech proxy and liquidity thermometer." <o:p></o:p>

He noted a return to a market reminiscent of 2021, where positive sentiment prevails, and all asset classes experience upward momentum.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Bitcoin has experienced a remarkable rally, hitting a two-year high on Monday and surpassing the $68,000 mark, bringing it close to its all-time high. According to Reuters, the cryptocurrency reached a session peak of $68,580, with the latest recorded value standing at $68,161.

Bitcoin has experienced a remarkable rally, hitting a two-year high on Monday and surpassing the $68,000 mark, bringing it close to its all-time high. According to Reuters, the cryptocurrency reached a session peak of $68,580, with the latest recorded value standing at $68,161. This surge follows a 50 per cent gain in Bitcoin's value this year, primarily driven by significant inflows into US-listed Bitcoin funds, especially in recent weeks. "The flows are not drying up as investors feel more confident the higher price appears to go," remarked Markus Thielen, head of research at 10x Research in Singapore. The approval and launch of spot bitcoin exchange-traded funds (ETFs) in the United States earlier this year have played a pivotal role in attracting new large investors. This development has reignited enthusiasm and momentum, reminiscent of Bitcoin's run-up to record levels in 2021. Net flows into the top 10 US spot bitcoin funds totalled $2.17 billion in the week ending March 1, with over half of this capital directed towards BlackRock's iShares Bitcoin Trust, according to data from LSEG. The surge in Bitcoin's value has also influenced other cryptocurrencies, with Ethereum (ETH) experiencing a 50 per cent year-to-date increase. On Monday, Ethereum traded at two-year highs, marking a 2.6 per cent daily increase and reaching $3,518. This crypto rally coincides with records being shattered across traditional stock indexes, from Japan's Nikkei to the S&P 500 and the tech-heavy Nasdaq. Simultaneously, volatility indicators in equities and foreign exchange have trended lower. Brent Donnelly, trader and president at Spectra Markets, commented on the market dynamics, stating, "In a world where Nasdaq is making new all-time highs, crypto is going to perform well as bitcoin remains a high-volatility tech proxy and liquidity thermometer." He noted a return to a market reminiscent of 2021, where positive sentiment prevails, and all asset classes experience upward momentum. (With inputs from Reuters)

Bitcoin surges beyond $68,000, approaches all-time high amid record inflows

Bitcoin's recent rally has sparked renewed warnings from Chinese state media about the risks of investing in cryptocurrencies. Watch in for more details!

Chinese state-run media warns against cryptocurrency trading

Both Bitcoin and Ethereum have soared to two-year highs, fueled by recent ETF approvals and a notable investment push from Reddit. However, amid the excitement, concerns linger regarding regulatory scrutiny and the potential risks associated with such rapid price escalation.

Bitcoin & ether lead charge with double-digit gains

Bitcoin, has surged to a two-year high, blazing through $57,000 in a remarkable two-day rally, marking its most substantial gain of the year. <o:p></o:p>

The rally, exceeding 10 per cent over two sessions, gained momentum following the revelation from crypto investor and software firm MicroStrategy that it recently acquired around 3,000 bitcoins, investing $155 million. <o:p></o:p>

Bitcoin's ascent has also been fuelled by the recent approval of bitcoin-owning exchange-traded funds (ETFs) in the United States, contributing to increased trading volumes and a rally in crypto-linked firms, in contrast to the uncertainties in broader markets.<o:p></o:p>

As of the latest data, Bitcoin is up by 4.7 per cent, reaching $57,232, while its counterpart, ether, has soared to $3,290, the highest since April 2022. <o:p></o:p>

Reflecting on this surge, Justin d'Anethan, Head of Partnerships in Asia at Keyrock, a digital asset market maker, remarked, "There's only so much supply ... but the demand unleashed by the US spot ETFs seems to be relentless." <o:p></o:p>

The recent spike in Bitcoin's value aligns with the approaching bitcoin halving event in April, designed to slow down the release of bitcoins, creating increased anticipation and demand among investors.<o:p></o:p>

The cryptocurrency market is witnessing a bullish February for Bitcoin, with a gain of 32 per cent, set to be its most significant one-month increase since January 2023. <o:p></o:p>

Beyond traditional investors, social media platform Reddit has joined the crypto wave, disclosing a small investment from its excess cash reserves in bitcoin, ether, and matic, the native token of the Polygon network. <o:p></o:p>

Ether has outpaced Bitcoin with a remarkable 41 per cent gain this month, increased by growing expectations of regulatory approval for spot ether ETFs.<o:p></o:p>

Market participants are eagerly awaiting potential regulatory approval for spot ether ETFs, viewing it as a significant development for the cryptocurrency market's maturity. <o:p></o:p>

Reuters cited Nick Crawley, a senior strategist at DailyFX, who said, "It represents a further maturation of the cryptocurrency market and a recognition of ethereum's role in the future of cryptocurrencies within the financial system." <o:p></o:p>

However, experts caution that the US Securities and Exchange Commission may adopt a cautious approach, and approval of bitcoin ETFs might not necessarily indicate a swift approval process for other crypto products.<o:p></o:p>

The surge in Bitcoin's value has not only impacted the cryptocurrency itself but has also provided a boost to related stocks. <o:p></o:p>

Crypto exchange Coinbase witnessed a 5.8 per cent increase in shares, while bitcoin miners Marathon Digital and Riot Platforms climbed 5.7 per cent and 0.7 per cent, respectively. <o:p></o:p>

The largest bitcoin ETF, Grayscale Bitcoin Trust, also saw a 4.4 per cent increase. <o:p></o:p>

The overall market sentiment suggests a positive outlook for the cryptocurrency sector, attributed to institutional interest and growing acceptance in mainstream finance.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Bitcoin, has surged to a two-year high, blazing through $57,000 in a remarkable two-day rally, marking its most substantial gain of the year. The rally, exceeding 10 per cent over two sessions, gained momentum following the revelation from crypto investor and software firm MicroStrategy that it recently acquired around 3,000 bitcoins, investing $155 million.

Bitcoin, has surged to a two-year high, blazing through $57,000 in a remarkable two-day rally, marking its most substantial gain of the year. The rally, exceeding 10 per cent over two sessions, gained momentum following the revelation from crypto investor and software firm MicroStrategy that it recently acquired around 3,000 bitcoins, investing $155 million. Bitcoin's ascent has also been fuelled by the recent approval of bitcoin-owning exchange-traded funds (ETFs) in the United States, contributing to increased trading volumes and a rally in crypto-linked firms, in contrast to the uncertainties in broader markets. As of the latest data, Bitcoin is up by 4.7 per cent, reaching $57,232, while its counterpart, ether, has soared to $3,290, the highest since April 2022. Reflecting on this surge, Justin d'Anethan, Head of Partnerships in Asia at Keyrock, a digital asset market maker, remarked, "There's only so much supply ... but the demand unleashed by the US spot ETFs seems to be relentless." The recent spike in Bitcoin's value aligns with the approaching bitcoin halving event in April, designed to slow down the release of bitcoins, creating increased anticipation and demand among investors. The cryptocurrency market is witnessing a bullish February for Bitcoin, with a gain of 32 per cent, set to be its most significant one-month increase since January 2023. Beyond traditional investors, social media platform Reddit has joined the crypto wave, disclosing a small investment from its excess cash reserves in bitcoin, ether, and matic, the native token of the Polygon network. Ether has outpaced Bitcoin with a remarkable 41 per cent gain this month, increased by growing expectations of regulatory approval for spot ether ETFs. Market participants are eagerly awaiting potential regulatory approval for spot ether ETFs, viewing it as a significant development for the cryptocurrency market's maturity. Reuters cited Nick Crawley, a senior strategist at DailyFX, who said, "It represents a further maturation of the cryptocurrency market and a recognition of ethereum's role in the future of cryptocurrencies within the financial system." However, experts caution that the US Securities and Exchange Commission may adopt a cautious approach, and approval of bitcoin ETFs might not necessarily indicate a swift approval process for other crypto products. The surge in Bitcoin's value has not only impacted the cryptocurrency itself but has also provided a boost to related stocks. Crypto exchange Coinbase witnessed a 5.8 per cent increase in shares, while bitcoin miners Marathon Digital and Riot Platforms climbed 5.7 per cent and 0.7 per cent, respectively. The largest bitcoin ETF, Grayscale Bitcoin Trust, also saw a 4.4 per cent increase. The overall market sentiment suggests a positive outlook for the cryptocurrency sector, attributed to institutional interest and growing acceptance in mainstream finance. (With inputs from Reuters)

Bitcoin hits two-year high surpassing $57,000 with strong institutional interest

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. <o:p></o:p>

The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market.<o:p></o:p>

According to a blog post by Circle, the decision to cease USDC support on Tron is effective immediately. <o:p></o:p>

The Boston-headquartered company emphasided its commitment to ensuring the trustworthiness and transparency of USDC, stating that it continually evaluates the suitability of blockchains supporting the stablecoin under its risk management framework.<o:p></o:p>

While Circle did not explicitly state the reason behind the decision, it comes amidst regulatory scrutiny surrounding the Tron blockchain.<o:p></o:p>

&nbsp;Tron, a popular platform for stablecoin transactions, has faced regulatory challenges in the United States, particularly with its founder, Justin Sun, who has been embroiled in legal disputes with the Securities and Exchange Commission (SEC). <o:p></o:p>

Sun has vehemently denied the SEC's allegations, asserting that they lack merit.<o:p></o:p>

Circle's move to end USDC support on Tron impacts both institutional and retail users.<o:p></o:p>

Institutional clients have until February 2025 to transfer USDC held on Tron to other blockchains or redeem the tokens for traditional currency. <o:p></o:p>

Retail customers, on the other hand, can transfer USDC to alternative blockchains or redeem them at various crypto exchanges and brokerages.<o:p></o:p>

The termination of USDC support on Tron follows Circle's earlier actions, including the closure of accounts associated with Justin Sun and his affiliated companies. <o:p></o:p>

With USDC being the eighth-largest crypto token globally, the move to discontinue support on Tron is expected to have reverberations in the market. <o:p></o:p>

According to Circle's website, approximately $335 million worth of USDC is hosted on the Tron blockchain. <o:p></o:p>

Tron has faced allegations in the past regarding its association with crypto transfers linked to groups designated as terror organisations. <o:p></o:p>

However, the platform has maintained that it does not have control over its users' activities and has refuted any direct link to the identified groups.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market.

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market. According to a blog post by Circle, the decision to cease USDC support on Tron is effective immediately. The Boston-headquartered company emphasided its commitment to ensuring the trustworthiness and transparency of USDC, stating that it continually evaluates the suitability of blockchains supporting the stablecoin under its risk management framework. While Circle did not explicitly state the reason behind the decision, it comes amidst regulatory scrutiny surrounding the Tron blockchain. Tron, a popular platform for stablecoin transactions, has faced regulatory challenges in the United States, particularly with its founder, Justin Sun, who has been embroiled in legal disputes with the Securities and Exchange Commission (SEC). Sun has vehemently denied the SEC's allegations, asserting that they lack merit. Circle's move to end USDC support on Tron impacts both institutional and retail users. Institutional clients have until February 2025 to transfer USDC held on Tron to other blockchains or redeem the tokens for traditional currency. Retail customers, on the other hand, can transfer USDC to alternative blockchains or redeem them at various crypto exchanges and brokerages. The termination of USDC support on Tron follows Circle's earlier actions, including the closure of accounts associated with Justin Sun and his affiliated companies. With USDC being the eighth-largest crypto token globally, the move to discontinue support on Tron is expected to have reverberations in the market. According to Circle's website, approximately $335 million worth of USDC is hosted on the Tron blockchain. Tron has faced allegations in the past regarding its association with crypto transfers linked to groups designated as terror organisations. However, the platform has maintained that it does not have control over its users' activities and has refuted any direct link to the identified groups. (With inputs from Reuters)

Circle ceases USDC support on Tron Blockchain amid regulatory concerns

The value Bitcoin rose above $1 trillion for the first time since late 2021, on Wednesday. This year alone, bitcoin is up more than 21%. What's behind the Cryptocoin's resurgence and will it be able to sustain this pace? Find out here.

Gravitas: Bitcoin skyrockets to $1 trillion after two years | Is it a good investment?

Bitcoin, the enigmatic cryptocurrency, has captivated the world with its wild price swings and promises of revolutionizing finance. But with recent developments like exchange-traded funds and the looming block reward halving, the question arises: can bitcoin truly reach new heights, or is it destined for another tumble?

Why you shouldn't fall for wild crypto predictions

bitcoin

Bitcoin, News on Bitcoin, stories on Bitcoin, articles on Bitcoin, Bitcoin stories at Wion, Bitcoin news, Bitcoin latest news