Bitcoin rally gathers steam as ETF demand builds toward $80,000

Bitcoin's price is rising rapidly, gaining about 23% last week, its largest weekly increase in more than three years. This surge is partly driven by strong demand for US spot exchange-traded funds (ETFs), which saw a 10-month high of $1.92 billion in inflows. As a result, Bitcoin is nearing the $80,000 mark, a significant milestone for the cryptocurrency.

Why it matters

Bitcoin's strong rebound and increasing demand for ETFs are driving its price up. This could lead to further investment and higher prices.

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