Bitcoin Hits $71,243 a Coin on Monday as Crypto Capital Inflow Surges

The leading cryptocurrency has been on the rise since the approval of the spot bitcoin exchange-traded funds in the U.S. in January 2024.

In the last seven days, the dominant cryptocurrency has risen by 11.7% and 2.50% in the last 24 hours while market capitalisation also appreciated by 2.50% to $1.4 trillion with 52.2% dominance.

So far, 19.65 million Bitcoins have been created out of 21 million total Bitcoins expected to be created.

The capital inflow into the crypto space continued to increase ahead of Bitcoin halving, a process in which Bitcoin reward is halved into two.

This process is expected to bolster bitcoin price even further, according to the options traders already betting it would hit $80,000 by the end of the month.

“I think $80K by end of month is not crazy,” said Leo Mizuhara, founder and chief executive of decentralized-finance institutional asset management platform Hashnote. “I just think the FOMO players are coming in soon. ETFs have opened up the space to even more retail.”

The market anticipates significant gains from the halving process, reinforcing the bullish sentiment around Bitcoin’s trajectory.