Bitcoin soared to a new all-time high above $69,000
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The price of Bitcoin set a new all-time high on Tuesday, rising above $69,000 on the Coinbase cryptocurrency exchange.
This was reported by CoinDesk.
“The price of Bitcoin (BTC) has set a new all-time high, rising above $69,000 on the cryptocurrency exchange Coinbase. This exceeds the previous high from November 10, 2021,” the platform wrote.
This historic rally was likely fueled by a sustained massive wave of buying by new US-based bitcoin exchange-traded funds (ETFs). The price of Bitcoin was around $45,000 when these ETFs launched on January 11. After briefly falling to $39,000, Bitcoin quickly rose above $50,000 by mid-February. After hovering around $51,000 for several weeks, it started to rise again at the end of the month.
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“It’s hard to predict where we’ll end up. Bitcoin is in a price discovery phase. Perhaps for the first time since it became an asset, much of America’s wealth is easily accessible,” Mike Novogratz, a Bitcoin investor and CEO of Galaxy Digital when the record was close. Galaxy, partnered with asset management giant Invesco, is one of the issuers of 10 bitcoin exchange-traded funds currently available in the US.
Hunter Horsley, CEO of Bitwise is another bitcoin exchange-traded fund issuer, suggests that this is just the beginning, and the $250,000 bitcoin price is approaching faster than even the optimists can imagine.
We will remind:
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Bitcoin reached a two-year high on March 4, surpassing $64,000.
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