×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: bitcoin | cryptocurrency | exchange-traded funds

Bitcoin Bounces Beyond $64,000 as Records Beckon

bitcoin with symbols of fluctuating exchange rates
(Dreamstime)

Sunday, 03 March 2024 10:47 PM EST

Bitcoin scaled a two-year high on Monday, breaking $64,000 as a wave of money carried it within striking distance of record levels.

It touched $64,285 early in the Asian day, its highest since late 2021, and was last 2% firmer for the session at $63,850. Bitcoin's record high is $68,999.99 set in November 2021.

The largest cryptocurrency by market value has gained 50% this year and most of the rise come in the last few weeks where trading volume has surged for U.S.-listed bitcoin funds.

Spot bitcoin exchange-traded funds were approved in the United States earlier this year. Their launch opened the way for new large investors and has reignited enthusiasm and momentum reminiscent of the run up to record levels in 2021.

"The flows are not drying up as investors feel more confident the higher price appears to go," said Markus Thielen, head of research at crypto analytics house 10x Research in Singapore.

Smaller rival ether has hitched a ride on speculation that it too may soon have exchange-traded funds driving inflows. It's up 50% year-to-date though at $3,490 on Monday stayed just shy of two-year highs made last week.

The rally has come in tandem with records tumbling on stock indexes from Japan's Nikkei to the S&P 500 and tech-heavy Nasdaq and with volatility gauges in equities and foreign exchange turning lower.

"In a world where Nasdaq is making new all-time highs, crypto is going to perform well as bitcoin remains a high-volatility tech proxy and liquidity thermometer," said Brent Donnelly, trader and president at analysis firm Spectra Markets.

"We are back to a 2021-style market where everything goes up and everyone is having fun."

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Bitcoin scaled a two-year high on Monday, breaking $64,000 as a wave of money carried it within striking distance of record levels.
bitcoin, cryptocurrency, exchange-traded funds
277
2024-47-03
Sunday, 03 March 2024 10:47 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved