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High Demand for ETFs Drives Bitcoin Rally

Previously it was reported that the value of bitcoin (BTC) continued its surge to above USD 63,000 or Rp. 989.6 million for the first time since November 2021.

According to CNBC International, Friday (1/3/2024) the price of Bitcoin previously touched USD 64,000 before turning lower. It is just below the all-time high of USD 68,982.20.

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Both bull and bear markets were surprised by the sharp price movement of Bitcoin.

When traders use leverage to sell Bitcoin and the price of the cryptocurrency rises, they buy back Bitcoin from the market to close their positions, which drives the price up and causes more positions to be liquidated.

Conversely, traders who bet on price increases must sell their assets to cover their losses.

With a record in sight, the market is increasingly motivated to see those levels happen again. Bitcoin has surged nearly 20 percent this week alone, after a week-long lull in this year's rally.

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Antoni Trenchev, co-founder of crypto exchange Nexo, predicts there will be resistance as Bitcoin prices approach USD 69,000, and whet the appetite of investors who have followed this year's rally, especially retail investors.

According to JPMorgan, their interest in crypto has recovered this month after a lull in January 2024.

Additionally, investors also expect bitcoin to set new records this year after the launch of ETFs made the asset class more accessible to institutional investors, and with the network's upcoming halving event, which has historically set the stage for a major rally in the following months.

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High Demand for ETFs Drives Bitcoin Rally

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