Bitcoin (BTC) Price Spikes Above $71K; What Next?

Bitcoin’s (BTC) price rallied above $71,000 across different cryptocurrency exchanges during the early London session on Monday. After more than two years trapped in a bear market, the flagship cryptocurrency asset is now in the price discovery phase.

Consequently, Bitcoin has now reclaimed a market capitalization of $1.4 trillion with an average daily trading volume of about $42 billion. Following the sudden Bitcoin spike on Monday, more than $105 million has been liquidated from the Bitcoin leverage market in the past 24 hours.

Unquenchable Demand for Bitcoin

The approval of a dozen spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year triggered heavy demand against diminishing supply. Furthermore some of the world’s biggest financial institutions – including BlackRock, Fidelity, Ark Invest, and Invesco among others – have been accumulating more than 10k Bitcoins per day in the past weeks whereas miners are currently producing 900 coins per day.