Bitcoin surges past $68,000, in sight of record high
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The cryptocurrency has gained 50 percent this year, and the most of the growth has happened in the previous two weeks.
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| Photo courtesy: BBC |
Bitcoin reached a two-year high on Tuesday, breaking above $68,600 and closing in on an all-time high as money continues to flow into the largest cryptocurrency by market value.
Bitcoin has increased by 50% this year, with the majority of the increase occurring in the previous few weeks as inflows into US-listed bitcoin ETFs skyrocketed.
On Tuesday, it stood at $68,500 in Asian hours, having touched a session high of $68,828, a hair's breadth away from its all-time high of $68,999.99 recorded in November 2021.
Spot Bitcoin exchange-traded funds were legalized in the United States earlier this year. Their launch paved the path for new large investors and reignited excitement and momentum, reminiscent of the run-up to record levels in 2021.
"It's crypto craze 4.0, and I believe it will continue as long as bond and rate volatility remains relatively modest. "There is definitely some irrational behavior creeping into the market," said Kyle Rodda, senior markets analyst at Capital.com.
According to LSEG statistics, net flows into the ten largest US spot bitcoin funds were $2.17 billion in the week ending March 1, with BlackRock's iShares Bitcoin Trust receiving more than half of that total.
"The appetite to gain exposure to Bitcoin is reaching insatiable levels," said Tony Sycamore, a market analyst with IG.
"While Bitcoin overbought in the short term, the move is far from done, and dips will be well supported with a move towards $80,000 not out of the question."
The surge has coincided with record lows on stock indexes ranging from Japan's Nikkei to the S&P 500 and tech-heavy Nasdaq, as well as lower volatility gauges in equities and foreign exchange.
Smaller rival ether has ridden the wave of speculation that it, too, may soon have exchange-traded funds driving inflows, and is up more than 50% year to date, last trading at $3,649.
According to a regulatory filing on Monday, the US Securities and Exchange Commission has delayed its judgment on asset management BlackRock's proposal for a spot ethereum exchange-traded fund.
Tether has released over $100 billion in dollar-pegged stablecoins, according to the crypto company's website on Monday. Tether issues a stablecoin with a fixed value of $1.
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