Bitcoin price prints a fresh all-time high above $67,000 mark

abdelaziz Fathi

Bitcoin price has reached yet another all-time high on Wednesday, breaking its intraday peak set six months ago. The value of all bitcoins in circulation is also breaking the record, reaching above $1.24 trillion and continuing to climb.

The world’s most popular cryptocurrency surged as much as 8%, having sailed to a new record of $67,016 per coin at one point today. The new ATH caps a month of gains for the world’s most valuable cryptocurrency. Bitcoin has been on a tear in recent weeks, having risen 40% from just below $44,000 at the end of September.

It is also an impressive feat considering that just a year ago the currency hovered around $12,000 per unit. So today’s rally has brought its year-over-year gain to nearly 550%, also growing by almost two times from July lows.

No single event seems to have pushed bitcoin’s price to bust out previous records. But the latest bull run coincided with the first ever Bitcoin ETF debuting on the New York Stock Exchange.

Marking a long-awaited milestone for the crypto industry, ProShares Bitcoin Strategy ETF began trading under the ticker symbol “BITO.”  The fund, which invests in bitcoin futures contracts rather than the underlying coin, rose 5% at $41.90 earlier today.

“The ETF approval is a watershed moment for the industry. This moment is long-awaited, as numerous entrepreneurs and firms have sought approval from regulators since as early as 2013. Today begins an era where retail investors can invest directly into Bitcoin through the ETF, and serves as further validation of Bitcoin and cryptocurrencies across the country and on a global basis,” said Bitcoin Foundation chairman Brock Pierce.

Crypto advocates argue that the recent recovery is the beginning of a major bull run that could see bitcoin blast past the $100,000 level before the end of 2021. The world’s largest, and most recognized, cryptocurrency hit as low as $30,000 in July.

The price resurgence in 2020 and 2021 makes a different story when compared with bitcoin’s first run-up in late 2017/early 2018. The records set four years ago were driven by retail investors when Bitcoin became a household investment. This explains why it crashed by more than 80% soon after.

The growing interest from deep-pocket companies, and wealthy investors marks a sharp turn-around. This time, more and more Wall Street institutions have started to see Bitcoin as a safe haven and anti-inflation asset at a time of uncertainty caused by the coronavirus pandemic, driving demand upward.

Other factors that have supported its recent record gains include PayPal officially making its move into the cryptocurrency market. Further, a number of large institutional investors showed interest in investing into products tied to the cryptocurrency.

Meanwhile, cryptocurrency funds and products have amassed huge inflows billion so far this year. Throughout 2020, New York-based Grayscale Investments, the world’s largest crypto-fund manager, saw its Assets Under Management (AUM) grow to $45 billion.

Read this next

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

<