Washington: Due to investor money flowing into US spot exchange-traded cryptocurrency products and the possibility of a decline in global interest rates, Bitcoin surged to a new record high on Tuesday.
The biggest cryptocurrency in the world reached an all-time high of $69,202, surpassing the $68,999.99 mark set in November 2021. Since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January, investor interest has grown. After then, the price dropped and closed at $65,792.
The peak of bitcoin signifies a revolution in the cryptocurrency space, according to CEO and co-founder of Anchorage Digital, Nathan McCauley. “Traditional institutions, who were previously absent, are now fully present and are the main forces behind the current cryptocurrency bull market.”
The rapid rise of Bitcoin, which has risen by roughly 160% since October and by 44% in just February, contrasts sharply with 2022, when the market was forced into an 18-month-long crypto winter due to a number of high-profile corporate bankruptcies and scandals.
According to LSEG statistics, net flows into the top 10 US spot bitcoin funds were $2.2 billion in the week ending March 1, with almost $2 billion of those flows coming into BlackRock’s iShares Bitcoin Trust.
Portfolio manager David Wagner of Aptus Capital Advisors stated, “We’ve been fielding more questions on bitcoin from the field, especially now that there are more efficient and cheaper ways to own bitcoin after the recent slew of ETF launches.”
