Bitcoin Price Hits All-Time High Around $69,000
Topline
The price of Bitcoin climbed to a record high of about $69,000 Tuesday morning, continuing a months-long rally and helping fuel a surge in other cryptocurrencies as it keeps ticking upward from its 2023 doldrums.
The price of Bitcoin hit a record high Tuesday morning, and has now skyrocketed nearly 54% on the … [+]
Key Facts
Bitcoin briefly crossed $69,000 Tuesday morning before falling back to around $65,500 according to CoinDesk, breaking its previous record of $68,990, which it briefly touched in November 2021.
Bitcoin rose nearly 3% on the day at its peak shortly after 10 a.m., though its mid-morning decline put it down nearly 3% on the day.
The cryptocurrency’s momentum follows a drive in spot bitcoin exchange-traded funds, better known as ETFs, which the federal Securities and Exchange Commission approved in January, allowing investors to enter the crypto arena in a less risky manner and attracting nearly $8 billion in net inflows on legacy firms including BlackRock and Fidelity in under two months, Bloomberg reported.
Key Background
Bitcoin’s rise marks a major rebound from its 2022 and 2023 lows, including in November 2022 when prices hovered just over $16,000 in the wake of crypto exchange FTX’s epic collapse. Persistent recession fears and near-record inflation also contributed to Bitcoin’s decline over the past two years. One pessimistic inflation report in September 2022 prompted Bitcoin to plummet nearly 10%, as investors pulled back their assets over fears high inflation and repeated interest rate hikes by the Federal Reserve could coincide with a so-called crypto winter. Bitcoin’s resurgence began late last year, rising to roughly $44,000 by New Year’s Day as investors anticipated federal regulators to approve spot ETFs, and as the Federal Reserve hinted at upcoming interest rate cuts.
Further Reading
Bitcoin Tops $60,000—First Time Since 2021 (Forbes)
Bitcoin Price Tops $67,000—Could Hit All-Time High This Week (Forbes)
