Bitcoin price hits record high in Japan as fresh inflows fuel rally

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox

Sign up to our free IndyTech newsletter

Bitcoin has hit a record high against the Japanese Yen following a 25 per cent price increase over the last two weeks for the cryptocurrency.

The

tk

Spot ETF

“Market momentum continued to be fueled by the high demand for BTC ETFs,” noted Matteo Greco, a research analyst at investment firm Fineqia International.

“Throughout last week, the cumulative net inflow into BTC ETFs totaled about $2.3 billion, nearly doubling the $1.2 billion recorded in the previous week, and accounting for almost half of the total net inflow since inception, which currently stands at roughly $5 billion.”

tk

Price momentum has also been fueled by the prospect of the upcoming halving event, which will see the rewards for mining the cryptocurrency slashed in half.