Bitcoin tops US$72,000 for the first time as rally builds steam

BITCOIN topped US$72,000 for the first time, advancing for a sixth straight day and taking this year’s rally to almost 70 per cent on the back of massive inflows into US exchange-traded funds. 

The original cryptocurrency jumped as much as 5.5 per cent to US$72,201 on Monday (Mar 11). Smaller tokens like Ether, Solana and Avalanche also advanced. 

“This rally comes following a weak Asian trading session in which shorts tested the conviction of longs – it appears the longs have given a rather convincing positive answer,” said Richard Galvin, founder of Australia-based crypto-focused investment firm DACM.

Investors have poured a net almost US$10 billion into a batch of new Bitcoin ETFs since they launched in the US two months ago, igniting a broad surge in crypto markets. Digital assets scored another win on Monday, as the London Stock Exchange confirmed it will accept applications for admitting Bitcoin and Ether exchange-traded notes. BLOOMBERG