Bitcoin Breaks Above $63,000, Approaches All-Time High of $69,000
InfoQuest – Bitcoin continues to rise for the 6th straight day, most recently surpassing the 63,000 or 2,250,000 Baht level, the highest in more than 2 years or since November 2021.
Bitcoin was up 4.8% to $63,181.10 in trading on Coinbase (NASDAQ: ) as of 9:26 p.m. local time.
Today's surge puts Bitcoin closer to breaking its all-time high of $69,000 in November 2021.
Investors are easing inflation concerns. After the US released the Personal Consumption Expenditure (PCE) price index in line with analysts' expectations. And the pace has slowed since December.
Also, analysts said Bitcoin is supported by 3 key factors: US approval of spot Bitcoin ETF and Bitcoin halving event expected to occur in April. And the Federal Reserve (Fed) may cut interest rates in June.
Bitcoin surged nearly 50% in February, its biggest monthly gain since December 2020. As a result, Bitcoin's market cap surpassed $2 trillion this month for the first time in two years.
Standard Chartered Bank predicts that the approval of Spot Bitcoin ETF will attract institutional investors to the cryptocurrency market. And the 50,000-100,000 who make money have flowed millions of dollars into Bitcoin this year. This will see Bitcoin reach $200,000 by 2025.
Bitcoin has risen more than 150% in the past year, while the S&P 500 index is up just 24%.
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