Bitcoin Hits Record High, Completing a Stunning Comeback

Bitcoin Hits Record High, Completing a Stunning Comeback

Bitcoin’s price surged above $69,000, breaking the record the digital currency set in November 2021 when the crypto industry was booming.

Bitcoin hit a record high of more than $69,000 on Tuesday, capping a remarkable comeback for the volatile cryptocurrency after its value plunged in 2022 amid a market meltdown.

Bitcoin’s price has risen more than 300 percent since November 2022, a resurgence that few predicted when the price dropped below $20,000 that year. Its previous record was just under $68,790 in November 2021, as crypto markets boomed and amateur investors poured savings into experimental digital coins.

The cryptocurrency was “pronounced dead for the 150th time,” said Cory Klippsten, the chief executive of Swan, a financial services firm focused on Bitcoin. “And Bitcoin continues to do what Bitcoin does, which is win people over as they take the time to actually learn about it.”

Bitcoin’s recent surge has been driven by investor enthusiasm for a new financial product tied to the digital coin. In January, U.S. regulators authorized a group of crypto companies and traditional finance firms to offer exchange-traded funds, or E.T.F.s, which track Bitcoin’s price. The funds provide a simple way for people to invest in the crypto markets without directly owning the virtual currency.

As of last week, investors had poured more than $7 billion into the investment products, propelling Bitcoin’s rapid rise, according to Bloomberg Intelligence.

The price of Ether, the second-most-valuable digital currency after Bitcoin, has also risen more than 50 percent this year, reaching about $3,800. Its increase has been driven partly by enthusiasm over the prospect that regulators may also approve an E.T.F. tied to Ether.

We are having trouble retrieving the article content.

Please enable JavaScript in your browser settings.

Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.

Thank you for your patience while we verify access.

Already a subscriber? Log in.

Want all of The Times? Subscribe.

Discover more from WIREDGORILLA

Subscribe now to keep reading and get access to the full archive.

Continue reading