Bitcoin Tops $71K as New Institutional Products Boost Crypto Market
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Bitcoin briefly topped $71K on Tuesday, boosted by sentiment around new bitcoin-based institutional products like the London Stock Exchange's marketplace for trading BTC and ETH exchange-traded notes.
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Crypto markets started rising Monday after the LSE said it will start accepting applications for bitcoin and ether ETN trading from April 8th. Traders said this caused "strong upside momentum."
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Bitcoin jumped nearly 5% in the last 24 hours, leading gains among major cryptos like ether, Solana's SOL, and Cardano's ADA which rose over 4.5%.
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Projects linked to Coinbase Ventures saw 10% average gains as sentiment grew over the weekend. The broader CoinDesk 20 index rose 4.47%.
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Some analysts said dropping bitcoin ETF inflows recently are not worrying as investors may be partially taking profits, not a sign of spot-driven selloffs.