From Nasdaq:

Bitcoin hit a record high, exceeding $70,000, fueled by demand for new U.S. spot exchange crypto products and anticipation of falling global interest rates.

Despite reaching $70,105, bitcoin experienced a quick drop and settled at $68,317.72 while billions flowed into ETFs. An upgrade to the ethereum platform and an upcoming bitcoin “halving” event in April also contributed to market support.

Institutional investors are entering the crypto space, with $2.2 billion flowing into U.S. spot bitcoin funds in the first week of March. Other digital tokens like ether, up over 60% since the beginning of the year, have also benefited from the recent optimism.

Crypto stocks surged, with shares of Coinbase up 8.2%, and mining companies Riot Platforms and Marathon Digital up 5.1% and 9.6%, respectively. The approval of 11 spot bitcoin ETFs in late January marked a significant moment for the industry after a prolonged crypto winter.



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