Bitcoin's New Frontiers: ETFs, Options, and Global Adoption Surge

Bitcoin has steadied between $56,000 and $63,000 after an eventful start to the year. Key factors for its stability include U.S. ETFs boosting market activity. The launch of options on BlackRock's ETF might attract more U.S. retail interest. Global crypto adoption is rising, especially in lower-income countries.

Bitcoin has settled into a range of $56,000 to $63,000 following a striking start in 2023, largely propelled by the debut of U.S. exchange-traded funds (ETFs) tied to its spot price.

Anticipation surrounds new market catalysts like the launch of options on BlackRock's spot bitcoin ETF, anticipated to draw more U.S. retail investments, pending approval by relevant regulatory bodies.

Globally, crypto adoption rates have soared, particularly in lower-income countries where conventional banking is less developed. Notably, India leads in usage, with various other Asian and African nations following suit.

(With inputs from agencies.)