Bitcoin price explodes to $68,000, setting a new record

5 Mar 2024 , 11:30 AM

On Monday, bitcoin surged to a two-year high, surpassing $68,000 as a surge of capital brought it dangerously close to record highs.

The price last traded at $68,161, having reached a session high of $68,580. In November 2021, Bitcoin reached a record high of $68,999.99. 

This year, the largest cryptocurrency by market value has increased by 50%, with the majority of the gain occurring in the last few weeks due to a spike in inflows into U.S.-listed bitcoin funds.

Earlier this year, US authorities legalized spot bitcoin exchange-traded funds. Their introduction provided access for new major investors and has sparked renewed energy and enthusiasm similar to the surge to all-time highs in 2021.

According to LSEG statistics, net flows into the top 10 U.S. spot bitcoin funds were $2.17 billion in the week ending March 1, with BlackRock’s iShares Bitcoin Trust receiving more than half of that amount.

Rival, smaller ether, has benefited from conjecture that exchange-traded funds may soon be the source of inflows for it as well. With a 50% increase so far this year, it was trading near two-year highs on Monday, up 2.6% for the day at $3,518. 

The surge has coincided with record lows on stock indices, including the tech-heavy Nasdaq, the S&P 500, and Japan’s Nikkei, as well as declining volatility indicators in foreign exchange and stocks. 

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