Bitcoin tops record high; surpasses US$69,000
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The news: Bitcoin soared to a record high on Tuesday, reaching a new peak for the first time in two years.
The numbers: The cryptocurrency rose to over USD69,000, surpassing its previous record high of $68,990.90 from November 10, 2021.
The context: A continued increase of buying by US spot Bitcoin ETFs, which were approved by the SEC earlier this year, is considered to be a driving force behind the cryptocurrency’s strong rally during 2024. Over USD7.5 billion worth of capital has flowed into the Bitcoin ETFs since they began trading. Bitcoin was priced at around USD45,000 when the ETFs were approved in January, with the rally beginning to gain momentum by mid-February.
The currency is also approaching a ‘halving’ event in April, which will see the rate of Bitcoin supply decline, driving up value.
Bitcoin’s market capitalisation reached USD1.35 trillion, also eclipsing its November 2021 record of USD1.28 trillion
The source: CoinDesk
