Bitcoin on Thursday climbed almost 6 per cent amid the worsening situation in the Middle East over the ballistic and drone attacks between US-Israel and Iran. The uncertainty and stretching of the conflict forced investors to direct their money into the popular cryptocurrency.
In the last few days, BTC rebounded to $72,651 after falling below $63,000-mark. The market cap of BTC also jumped 5.95 per cent in the last 24 hours to reach a close at $1.5 trillion.
Sathvik Vishwanath, Co-Founder & CEO, Unocoin said Bitcoin’s recent move toward the $72,000 mark is being supported by a mix of strong institutional participation, steady ETF inflows, and improving global risk sentiment. “Over the past year, the biggest structural change in the crypto market has been the entry of institutional capital through spot Bitcoin ETFs. These products have made it much easier for traditional investors — such as wealth managers, family offices, and institutional funds — to gain exposure to Bitcoin without the operational challenges of holding the asset directly,” he added.
