Bitcoin ETFs Shake Up Crypto Market After Storming Wall Street

New US spot Bitcoin exchange-traded funds are shaking up the market for the original cryptocurrency after widening demand for the token and attracting more than $7 billion of net inflows in less than two months.

The most visible change is a surge of over 45% in the price of the largest digital asset this year to about $63,000, bringing the pandemic-era record high of almost $69,000 into view. A looming reduction in Bitcoin’s supply growth, called the halving, has also stoked the rally.

WATCH: Bitcoin’s biggest intraday rise since last March saw the cryptocurrency jump as much as 13% to $63,968 on Wednesday. Sidhartha Shukla reports.

Source: Bloomberg

The ETFs are shifting the center of gravity for Bitcoin trading toward the US, and encouraging ...