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Business News/ Industry / Bitcoin breaches $68,000, nears its all-time high

Bitcoin breaches $68,000, nears its all-time high

The rally in Bitcoin prices can be credited to the recent approval and the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year, attracting substantial investments and reigniting excitement in the cryptocurrency market

Bitcoin breaches $68,000, nears its all-time highPremium
Bitcoin breaches $68,000, nears its all-time high

Bitcoin soared on March 5, reaching close to a two-year high of $68,300 early mark. This impressive climb brings the cryptocurrency within striking distance of its all-time record of $68,999.99, set in November 2021.

This recent rally followed a 50 per cent increase in Bitcoin’s value so far in 2024, with most of the gains concentrated in the past few weeks. 

The rally in Bitcoin prices comes after the recent approval and the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year, which attracted substantial investments and reignited excitement in the cryptocurrency market.

Edul Patel, CEO of Mudrex, said, “Bitcoin hovered above the $68,300 threshold in the last 24 hours, achieving yet another significant milestone. The market sentiment is positive, driven by institutional demand, the growth of spot Bitcoin ETFs, and the anticipation of the upcoming halving event. According to IntoTheBlock, there has been a 5% year-to-date increase in the number of whales holding at least 1,000 Bitcoins. Furthermore, 97% of all Bitcoin addresses are currently in a profitable state, showcasing a surge in demand. Out of the 19.6 million Bitcoins currently in circulation, nearly 70% (13.6 million) are held by hodlers who have maintained their positions for over a year, reflecting a growing long-term investment sentiment. Bitcoin is on track to surpass its all-time high anytime now."

Meanwhile, Coinbase Global Inc., the biggest US cryptocurrency exchange, said some individual investors saw zero balances in their accounts, the second such outage in less than a week.

The glitch came as Bitcoin inches toward its all-time record high of nearly $69,000. Bitcoin rose as much as 7.5 per cent Monday, hovering near $67,000. The company said it affected “a small subset of users" and their “assets are safe". Last week, users experienced errors in buying and selling.

Monday’s problem was “a display issue only," a Coinbase spokesperson said. The company later said it issued “a fix which remediated the display issue impacting customer account balances and latency across"

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Published: 05 Mar 2024, 08:00 AM IST
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