Bitcoin Hits New All-Time High as Crypto Market Surges: ETFs, Ethereum Growth, and Institutional Investments

Bitcoin Hits New All-Time High as Crypto Market Surges: ETFs, Ethereum Growth, and Institutional Investments

The cryptocurrency market is witnessing a significant surge, with Bitcoin recently hitting a new all-time high of $98,310. This milestone was achieved during European trading hours, marking a notable moment for investors. The total net asset value of U.S. Bitcoin spot exchange-traded funds (ETFs) has also crossed the $100 billion mark, a remarkable feat accomplished in just ten months since their inception in January. Over the past three days, Bitcoin spot ETFs have attracted $1.84 billion in net inflows, signaling robust investor confidence.

In tandem with Bitcoin's rise, Ethereum has also seen impressive growth. The current price of ETH stands at $3,349, up from $3,076 yesterday. This upward momentum reflects a broader trend within the cryptocurrency space, as investors look to capitalize on potential gains.

On the institutional front, MicroStrategy has upped its game by increasing its convertible senior notes offering to $2.6 billion, up from the initial $1.75 billion. This move illustrates the company's aggressive strategy for Bitcoin accumulation. The proceeds will be directed towards acquiring more Bitcoin and supporting general corporate purposes. Similarly, Mara Holdings has raised $1 billion via convertible notes aimed at Bitcoin investment and debt buyback, showcasing a strong commitment to the asset.

In the realm of Layer 2 solutions, the total value locked (TVL) has seen an increase, currently at $9.72 billion, up from $9.39 billion yesterday. The top five Layer 2 networks are leading this charge:

  • Base: Current: $3.28B, Yesterday: 3.52%
  • Arbitrum: Current: $3.02B, Yesterday: 4.35%
  • Optimism: Current: $758.99M, Yesterday: 3.03%
  • Blast: Current: $595.35M, Yesterday: 5.92%
  • Mantle: Current: $588.40M, Yesterday: 5.43%

Today, the total fundraising in the crypto space reached $67.64 million, with the largest rounds coming from Canaan and Monkey Tilt, each securing $30 million. This week’s cumulative fundraising has hit $120.94 million, indicating a healthy appetite for investment in the sector.

On a different front, Mastercard and JPMorgan have partnered to enhance foreign exchange transactions through blockchain technology. This collaboration aims to streamline B2B transactions, potentially lowering costs for businesses involved in cross-border trade.

As the market evolves, the UAE is emerging as a strategic hub for Web3 gaming innovation, contributing to the blockchain gaming revolution through smart investments and regulations.

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