According to Reuters on March 5, Bitcoin soared to a record high on the 5th, driven by investors pouring large amounts of money into crypto products traded on U.S. spot exchanges and the prospect of a possible decline in global interest rates.
The world's number one cryptocurrency hit a high of $69,202, surpassing the $68,999 reached in November 2021An all-time peak of $99. Investor interest has surged since the U.S. Exchange Commission approved 11 types of Bitcoin spot exchange-traded ETFs at the end of January. Subsequently, Bitcoin** moved lower, falling to $66,892.
Nathan Macaulay, CEO and co-founder of cryptocurrency platform Anchorage Digital, said: "Bitcoin's all-time high marks a turning point for cryptocurrency. Traditional institutions once stood by and watched; Today, they are in full swing and are the main driving force behind the crypto bull market. ”
Bitcoin has soared nearly 160% since October last year, including 44% in February alone, in stark contrast to 2022, when the crypto market was plunged into an 18-month winter plagued by a series of high-profile corporate bankruptcies and scandals.
Data from the London Exchange Group (LSEG) showed that net inflows into the top 10 Bitcoin spot markets in the U.S. reached 21$700 million, more than half of which went to BlackRock's iShares Bitcoin Trust**.
In addition to demand from a wider range of investors, Bitcoin and other cryptocurrencies have been boosted by the prospect of interest rate cuts by the Federal Reserve. Fed rate cuts tend to prompt investors to move money to higher-yielding or more volatile assets. (Compiled by Wang Haifang).