Bitcoin's rally continues: price rises again to cross $63700

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MUMBAI: The current week's rally in Bitcoin continued further and the price was seen above the 63700 level in the last twenty-four hours on the back of continued attraction from retail and institutional investors.

In 2024, Bitcoin has jumped forty percent so far. Cryptocurrencies are once again becoming the center of attraction for investors after a recession in 2022.

Bitcoin prices are currently being supported by expectations of supply-demand disruptions as a result of the expected supply cuts from April.

Analysts are expecting the all-time high of $69,000 in November, 2021 to be touched soon if the price of Bitcoin continues its upward momentum. Bitcoin was also followed by other cryptos.

After the launch of spot bitcoin ETFs in January, retail and institutional investors are seeing an increase in investments in risky digital assets.

Meanwhile, Morgan Stanley is considering offering spot bitcoin ETFs to clients on its brokerage platform, according to a report.

The arrival of broker-dealers such as Morgan Stanley in these new products will lead to more investments. There are ten spot bitcoin ETFs currently trading in the US.

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