Breaking Records: Bitcoin Skyrockets Past $71K in America

By Lars Weer Last updated Mar 11, 2024

Bitcoin (BTC) surged past $71,000 during Asian trading hours, reaching a new all-time high. The leading cryptocurrency has been steadily climbing since the approval of spot bitcoin exchange-traded funds in the U.S. The token surpassed $70,000 for the first time last week. Ether (ETH) also crossed $4,000 on Monday. Additionally, the broader CoinDesk 20 index (CD20) rose nearly 1%. The rally has pushed the annualized three-month futures premium on major exchanges, including Binance, above 25%. This elevated premium could attract cash and carry traders, increasing market liquidity.

The rise in bitcoin prices has reignited a trading frenzy in South Korea, with trading volumes on local exchanges surpassing those in the domestic stock market last week. According to local media, trading volumes on South Korea-based crypto exchanges totaled a record 11.8 trillion won (KRW) on Sunday, or approximately $9 billion at the current USD-KRW exchange rate. This exceeded Friday’s South Korean stock trading volume of 11.47 trillion won, equivalent to $8.7 billion. This number is the combined transaction amount of Korea’s five largest won markets, including Upbit (8.8 trillion won), Bithumb (2.7 trillion won), Coinone (176.4 billion won), Gopax (55.2 billion won), and Coinone (32 billion won).

Indian cryptocurrency investment platform Mudrex plans to offer U.S. spot bitcoin exchange-traded funds (ETFs) to both institutional and retail investors in India, according to CEO and co-founder Edul Patel. “This is more valuable for institutions, as it was already available for retail investors,” Patel said in an interview with CoinDesk. Retail clients in the country could access spot bitcoin ETFs through U.S. stock trading companies, but “as far as we know,” we are the first to offer this service to institutions in India, Patel stated. “We are undoubtedly the first Indian crypto platform to provide this option.” Initially, Mudrex will list four spot ETFs – BlackRock, Fidelity, Franklin Templeton, and Vanguard.