On Monday, Bitcoin reached a two-year high and broke $64,000 as a surge of capital brought it dangerously close to record highs. At the outset in the Asian day, it reached its highest level since late 2021 of $64,285; at $63,850, it was 2% more robust for the session.
The highest point for bitcoin was $68,999.99, reached in November 2021. This year, the biggest digital asset 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 U.S.-listed bitcoin money.
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Earlier this year, US authorities approved spot bitcoin exchange-traded funds. Their launch provided access for new major investors and has sparked renewed energy and enthusiasm similar to the surge to all-time highs in 2021. “Flows are not dripping up as traders gain confidence as the price appears to rise,” stated Markus Thielen, the chief of analysis at Singapore-based crypto analytics firm 10x Research.
Rival, smaller ether, has benefited from conjecture that exchange-traded funds may soon be the source of inflows for it as well. Although it’s up 50% so far this year, Monday’s price of $3,490 was just below two-year highs set last week.
The recent upswing has coincided with record lows for stock indexes across the board, including the Nikkei (.N225) in Japan, the S&P 500 (.SPX), the tech-heavy Nasdaq (.IXIC), and foreign exchange (.DBCVIX). Additionally, volatility gauges in the equities market (.VIX) have opened new tabs and are turning lower.
As long as bitcoin continues to be a high-volatility technology proxy as well as liquidity thermometer, cryptocurrency will do well in a world where the Nasdaq is setting new all-time highs, according to trader and president of Spectra Markets Brent Donnelly. “We are back to a 2021-style market where everything goes up and everyone is having fun.”
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