Bitcoin continues to advance: Break above $60000

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MUMBAI: In the current month, Bitcoin has recorded its biggest monthly gain since October, 2021. After a strong rally on Tuesday, Bitcoin's advance continued on Wednesday and the price crossed the $60000 level. Bitcoin has jumped 40 percent so far in the current month.

By late evening, Bitcoin was quoted at $59300, Ethereum at $3363 and Sola at $111.

A huge influx of investors into Bitcoin Exchange Traded Funds (ETFs) has led to buying in Bitcoin. Bullish sentiment is being seen in Bitcoin despite concerns that the US Federal Reserve will keep interest rates high for a long time yet.

Looking at the continuous buying in Bitcoin, the opinion is prevailing among the players that it will soon cross the all-time high level of $69000 seen in November 2021.

After the launch of Spot Bitcoin ETFs, retail and institutional investors are seeing increasing interest in risky digital assets.

Spot Bitcoin ETFs were reported to have seen an aggregate trading volume of $3 billion on Tuesday. Other cryptos such as Ethereum, Solana, XRP also gained traction behind Bitcoin. As a result of this surge, the overall market cap of cryptocurrencies also increased to over $2.32 trillion.

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