High institutional demand, supply shock could boost Bitcoin further | Personal Finance

The price of Bitcoin has surged from $24,327 to approximately $52,088 over the past year, more than doubling in value. Although there is still a chance to profit from the ongoing rally, it is important to approach this asset cautiously.

Spot ETF launch driving rally          

 

The primary reason for the increase in the price of Bitcoin is the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States (US).  They have attracted substantial institutional interest. “Entities like BlackRock and Fidelity are required to purchase actual Bitcoins to offer spot ETFs. The daily buying pressure from