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March 4, 2024

Bitcoin Surges to Two-Year High, Surpasses $65,000 Mark Amid Record Inflows

Bitcoin soared to a two-year high on Monday, surpassing the $65,000 mark as a surge of investment propelled it within striking distance of its all-time peak.

Early in Europe, the price of Bitcoin surged to a session high of $65,537, marking a new two-year high following strong gains in Asian trading. It was last seen trading up 4% at $65,045, inching closer to its record level of $68,999.99 reached in November 2021.

The leading cryptocurrency by market value has witnessed a 50% surge in value this year, with the bulk of the rise occurring in recent weeks amidst a surge in inflows into US-listed Bitcoin funds. The approval and launch of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year have opened avenues for new large-scale investors, reigniting enthusiasm and momentum reminiscent of the 2021 bull run.

Markus Thielen, head of research at crypto analytics firm 10x Research in Singapore, noted, “The flows are not drying up as investors feel more confident the higher price appears to go.” According to data from LSEG, net flows into the top 10 US spot Bitcoin funds totaled $2.17 billion in the week ending March 1, with a significant portion flowing into BlackRock’s iShares Bitcoin Trust.

Ether, Bitcoin’s smaller rival, has also witnessed a surge on speculation of potential ETFs driving inflows. With a 50% increase year-to-date, Ether reached two-year highs on Monday, trading at $3,518, up 2.6% for the day. The cryptocurrency rally has coincided with record-breaking performances in stock indexes worldwide, from Japan’s Nikkei to the S&P 500 and Nasdaq, alongside decreasing volatility gauges in equities and foreign exchange markets.

Brent Donnelly, trader and president at analysis firm Spectra Markets, commented, “In a world where Nasdaq is making new all-time highs, crypto is going to perform well as Bitcoin remains a high-volatility tech proxy and liquidity thermometer. We are back to a 2021-style market where everything goes up and everyone is having fun.”

With Bitcoin surpassing key milestones and attracting significant investment interest, the cryptocurrency market continues to garner attention as investors seek opportunities amidst the broader market rally.

Rajan Shukla

Rajan Shukla

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