A spot Bitcoin exchange-traded fund was approved in the United States earlier this year.
Singapore:
Bitcoin hit a two-year high on Tuesday, topping $68,600 and approaching a new all-time high as money continued to pour into the largest cryptocurrency by market capitalization.
Bitcoin is up 50% this year, with most of the gains occurring in the past few weeks, when flows into U.S.-listed Bitcoin funds surged.
During the Asian session on Tuesday, the price was at $68,500, with an intraday high of $68,828, just one step away from the all-time peak of $68,999.99 set in November 2021.
A spot Bitcoin exchange-traded fund was approved in the United States earlier this year. Their launch opens the way for new large-scale investors and reignites enthusiasm and momentum reminiscent of 2021’s record levels.
Kyle Rodda, senior market analyst at Capital.com, said: “This is Cryptomania 4.0, and I think that’s likely to continue if we continue to see fairly low volatility in bonds and interest rates. There will definitely be some kind of irrational behavior in the market.”
According to LSEG data, net inflows into the 10 largest U.S. spot Bitcoin funds reached $2.17 billion in the week ended March 1, with more than half of that going into BlackRock’s iShares Bitcoin Trust.
“Interest in Bitcoin is reaching an insatiable level,” said IG market analyst Tony Sycamore.
“While Bitcoin is overbought in the short-term, this move is far from complete, the decline will be well supported, and a move towards $80,000 is not impossible.”
The rebound came as Japan’s Nikkei, S&P 500 and tech-heavy Nasdaq hit record highs, while stock and currency volatility gauges also fell.
Smaller rival Ethereum has jumped more than 50% this year, last trading at $3,649, riding the coattails of speculation that it may soon also have an exchange-traded fund driving inflows.
The U.S. Securities and Exchange Commission further delayed a decision on asset manager BlackRock’s application for its spot ethereum exchange-traded fund, regulatory filings showed on Monday.
Elsewhere, the number of U.S. dollar-pegged stablecoins issued by Tether has surpassed $100 billion, the cryptocurrency company said on its website on Monday. Tether issues a stablecoin designed to maintain a constant value of $1.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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