Bitcoin breaks $65,000, record high in sight By Reuters

By Amanda Cooper and Tom Westbrook

LONDON/SINGAPORE (Reuters) – Bitcoin rallied to a two-year high on Monday, breaking $65,000 as a wave of money put it within striking distance of record levels.

The price hit an early session high of $65,537 in Europe, after already hitting a new two-year high in Asian trading. It was last up 4% at $65,045. reached a record $68,999.99 in November 2021.

The largest cryptocurrency by market value has gained 50% this year, and most of the increase has come in recent weeks as inflows into U.S.-listed Bitcoin funds surged.

Spot Bitcoin exchange-traded funds were approved in the US earlier this year. Their launch has paved the way for new large-scale investors and reignited the excitement and momentum reminiscent of the surge to record levels in 2021.

“The flows are not drying up as investors appear more confident the higher the price appears to be,” said Markus Thielen, head of research at crypto analysis firm 10x Research in Singapore.

Net inflows into the top 10 U.S. Bitcoin spot funds reached $2.17 billion in the week ended March 1, with more than half of that going into BlackRock’s (NYSE:) iShares Bitcoin Trust, according to LSEG data. raft.

The smaller competitor Ether is dependent on speculation that it too could soon have exchange-traded funds that will stimulate inflows. The stock is up 50% year-to-date and traded at a two-year high on Monday, up 2.6% on the day at $3,518.

The rally coincided with a fall from records in stock indexes on the tech-heavy Nasdaq and a decline in volatility indicators in stocks and currencies.

“In a world where Nasdaq hits new all-time highs, crypto will do well as Bitcoin remains a tech proxy and liquidity thermometer with high volatility,” said Donnelly, a trader and president of analytics firm Spectra Markets.

“We’re back to a 2021-style market where everything is rising and everyone is having fun.”