Bitcoin rallies over $64000 as records emerge. Bitcoin is now very close to hitting record highs With Monday’s two-year high, which saw it surpass $64,000.
Bitcoin Rallies Over $64,000 as Records Emerge
On Monday, Bitcoin reached a two-year high and broke the $64,000 mark as a surge of capital brought it dangerously close to reaching all-time highs. It reached its best level since late 2021 at $64 285 early in the Asian day, and it was finally 2% firmer for the session at $63 850. The peak of Bitcoin, which is valued at slightly about $69 000, was reached in November 2021.
This year, the largest cryptocurrency by market value has increased by 50%, with the majority of the gain occurring in the last few weeks due to a spike in trading volume for US-listed bitcoin ETFs.
US authorities earlier this year permitted spot bitcoin exchange-traded funds. Their introduction paved the path for additional major investors and sparked a wave of excitement and momentum akin to the surge to all-time highs in 2021. The head of research at Singapore’s 10x Research, a cryptocurrency analytics firm, Markus Thielen, stated, “The flows are not drying up as investors feel more confident the higher price appears to go.”
The Rise Has Coincided with Record Lows in Stock Indices
Rival, smaller ether, has benefited from conjecture that exchange-traded funds may soon be the source of inflows for it as well. While it’s up 50% so far this year, on Monday it closed just short of two-year highs set last week at $3,490.
The rise has coincided with record lows on stock indices, including the tech-heavy Nasdaq, the S&P 500, and Japan’s Nikkei, as well as declining volatility indicators for foreign exchange and stocks.
Brent Donnelly, the president and trader of Spectra Markets stated, “In a world where the Nasdaq is making new all-time highs, crypto is going to perform well as bitcoin remains a high-volatility tech proxy and liquidity thermometer.”
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