Bitcoin Soars to $72K as ETFs Attract Record $1 Billion Investment

Bitcoin's price surged this week, reaching nearly $73,000 before dropping slightly to $72,606. The cryptocurrency has seen a 10% 24-hour rise and is currently around 40% below its October record of $126,080.

Over the past three days, Bitcoin exchange-traded funds have taken in over $1 billion in fresh cash, with investors buying over $500 million worth of shares on Wednesday alone. BlackRock's iShares Bitcoin Trust received $588.5 million since Monday, accounting for the lion's share of this week's investment.

The Treasury Department announced on Wednesday that it would more than double its government debt repurchases, which may be contributing to the bullish sentiment in the market. This move is likely reducing the opportunity cost of holding non-yielding assets like bitcoin and gold, both of which have soared as the dollar weakened following the announcement.