Bitcoin reaches US$66,000; inches closer to record high

The news: Bitcoin has surged to over USD66,000 ($101,120), edging closer to its previous all-time high.

The numbers: The cryptocurrency rose over 5% during trading overnight, bringing it within 5% of its record high of USD68,990.90 reached in November 2021.

The context: Bitcoin has rallied 48% during 2024, fuelled by positive expectations that the SEC’s approval of spot Bitcoin exchange traded funds will expand the buyer-pool for the cryptocurrency. The currency is also approaching a ‘halving’ event in April, which will see the rate of Bitcoin supply decline, driving up value.

What they said: Antoni Trenchev, cofounder of crypto exchange Nexo told CNBC: “What we’re seeing today […] might well be a rerun of early last week when bitcoin surged USD10,000 in the space of a couple of days. We’re in that sort of environment when a day or two of sideways consolidation can precede explosive price action thanks to the voracious demand of these new spot ETFs.”