Bitcoin rises well above the $60,000 mark and nears all-time high of $69,000 as baby boomers fuel the cryptocurrency boom
- Bitcoin was trading at $60,500 on Wednesday, following SEC approval in January
- Some investors predict that the rally will continue and that a ‘halving’ is on the horizon
Bitcoin surpassed the $60,000 mark on Wednesday as the crypto bounces back to its former glory – hitting an all-time high of $68,991 in November 2021.
At approximately 12:30 PM ET, the currency was trading above $63,000, its highest level in more than two years.
The latest rally gained momentum after the US Securities and Exchange Commission (SEC) approved trading of Bitcoin Exchange Traded Funds (ETFs) in January.
They track the value of the currency but can be easily traded on stock exchanges, increasing exposure to Bitcoin for institutional investors and especially older Americans.
Bitcoin surpassed the $60,000 mark on Wednesday as the crypto neared its all-time high of $68,991
The ETFs that started trading after the SEC’s approval last month have attracted net inflows of more than $5 billion, according to Bloomberg
Since that approval on January 11, the eleven ETFs on the market have attracted net inflows of more than $5.2 billion, according to Bloomberg.
Philippe Bekhazi, CEO of crypto firm XBTO, said continued investment in the ETFs will likely continue to drive up their value.
“Looking ahead, we expect continued inflows into spot ETFs to maintain upward momentum in BTC prices,” he said.
Bekhazi also noted that the upcoming ‘halving’ would also fuel the ongoing rally. In April, the speed at which Bitcoin can be mined and put into circulation will be halved, reducing its supply.
“As we approach the BTC halving, this trend is expected to continue, potentially leading to further appreciation,” he said.