Bitcoin Surpasses $69,000... Breaking All-Time High Record

Rally on Spot ETF Listing and Upcoming Halving

The price of Bitcoin, the leading cryptocurrency, surpassed $69,000, setting a new all-time high.

[Image source=Yonhap News]

As of 10:05 AM Eastern Time on the 5th (local time), the price of Bitcoin recorded $69,115, up 4.06% compared to 24 hours earlier. It surpassed the previous all-time high of $68,990.9 recorded on November 10, 2021, breaking the record for the first time in 2 years and 4 months.

Bitcoin surpassed $50,000 on the 15th of last month and exceeded $60,000 within 16 days. It has continued its unstoppable upward trend this month, raising expectations for a breakthrough of $70,000 soon.

The driving forces behind the Bitcoin rally are cited as the listing of spot Exchange-Traded Funds (ETFs) and the upcoming halving event. After the U.S. Securities and Exchange Commission (SEC) approved the listing of a Bitcoin spot ETF in January, more than $15 billion in funds reportedly flowed in.

Alex Thorn, Chief Research Officer at cryptocurrency asset manager Galaxy Digital, said he was "surprised by the scale of investment inflows" into Bitcoin ETFs and evaluated that "it is related to Wall Street. ETFs are a definite market."

The upcoming halving event in April, which will reduce the supply of Bitcoin by half, is also driving the upward momentum of Bitcoin.

There is also analysis that expectations the U.S. will avoid a recession and that the Federal Reserve (Fed) will begin cutting interest rates within the year are stimulating buying sentiment toward Bitcoin.