Bitcoin has reached its highest level in over two years.
According to cryptocurrency exchange Coinbase on the 26th (local time), as of 3:37 PM Eastern Time, the price of one Bitcoin surged 4.93% from the previous day to $54,444 (72.51 million KRW).
This is the first time Bitcoin has surpassed $54,000 since early December 2021.
Bloomberg analyzed that this rise came amid growing optimism that continuous investor demand through spot exchange-traded funds (ETFs) will drive Bitcoin prices back to record levels. Spencer Harlan, Global Head of OTC Trading at cryptocurrency investment firm GSR, stated, "Bitcoin is continuing its upward trend fueled by strong ETF inflows."
Since Bitcoin ETFs began trading last month, investors have poured over $5 billion into nine ETFs.
Experts also pointed out that there is potential for further gains. Chris Newhouse, an analyst at Cumberland Labs, said, "Bitcoin's rise is due to increased demand and momentum traders buying after a week-long consolidation period," adding, "Interestingly, selling pressure at the current price is low, and liquidated short positions (bets on price declines) are quickly being replaced by leveraged long positions (bets on price increases)."
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