Push Admin

Article (news)

Arthur Fuentes

ABS-CBN News

MANILA - The crypto winter is over and the crypto spring has begun, an industry player said on Tuesday after Bitcoin traded at a new all-time high above $72,000.Some analysts forecast that Bitcoin may even hit $100,00 within the year.<ul><li><a data-cke-saved-href="https://news.abs-cbn.com/business/2024/3/12/bitcoin-zooms-to-record-beyond-72-000-1044" href="https://news.abs-cbn.com/business/2024/3/12/bitcoin-zooms-to-record-beyond-72-000-1044">Bitcoin zooms to record beyond $72,000</a></li></ul> Wei Zhou, CEO of crypto trading platform coins.ph admitted that the recent frenzy over cryptocurrencies, especially Bitcoin, is the result of US regulators allowing ETFs or Exchange traded funds to buy and sell crypto.The US Securities and Exchange Commission earlier this year gave the green light to ETFs pegged to Bitcoin&#x27;s spot price, making it easier for mainstream investors to add the unit to their portfolio.Bitcoin won further support on Monday after Britain&#x27;s financial watchdog said it would also allow crypto-related securities.<ul><li><a data-cke-saved-href="https://news.abs-cbn.com/business/2024/2/20/investing-in-crypto-read-this-first-611" href="https://news.abs-cbn.com/business/2024/2/20/investing-in-crypto-read-this-first-611">Investing in crypto? Read this first</a></li></ul> Wei said Hong Kong&#x27;s financial authorities are not far behind in mainstreaming crypto.He estimated that ETFs have been buying 10,000 Bitcoin per day, which is driving up the price of the world&#x27;s most well-known cryptocurrency.But besides the high demand from ETFs, another factor he said is the &quot;halving&quot; of the amount of Bitcoin that can be &quot;mined.&quot;From around 900 Bitcoin per day that can be mined, the total would go down to 450 by April.&quot;The demand is going to accelerate but the supply of bitcoin is getting lessened.&quot; Wei said in an interview with ANC.<ul><li><a data-cke-saved-href="https://news.abs-cbn.com/business/2024/3/10/in-bitcoin-s-shadow-another-cryptocurrency-ether-stages-its-own-rally-051" href="https://news.abs-cbn.com/business/2024/3/10/in-bitcoin-s-shadow-another-cryptocurrency-ether-stages-its-own-rally-051">In bitcoin&#x27;s shadow, another cryptocurrency, Ether, stages its own rally</a></li></ul> Transactions on coins.ph have also surged to up $50 million per day, and not just Bitcoin but other cryptocurrencies as well.But Wei said that while other coins are being carried up in the bitcoin wave, it is still better to buy and hold bitcoin as &quot;it could be one of those things that&#x27;s generational.&quot;&quot;We haven&#x27;t even seen crypto summer yet.&quot;<div> </div><div> </div><div> </div>

'Crypto winter is over, crypto spring is here' says coins.ph as Bitcoin breaks new record

News

Entertainment

Lifestyle

Sports

Metro.Style

More

Traffic

Manila

Horoscope

Business

'Crypto winter is over, crypto spring is here' says coins.ph as Bitcoin breaks new record

Arthur Fuentes,

ABS-CBN News

Published Mar 12, 2024 10:17 PM PHT

Read More:

bitcoin

cryptocurrency

coins.ph

ETFs

exchange traded funds

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.