Bitcoin was a hit It hit a record high on Tuesday, helped by investors pouring money into spot-listed crypto products in the US and the prospect that global interest rates could fall.
The world's largest cryptocurrency hit a high of $69,202, surpassing its November 2021 all-time high of $68,999.99. Investor interest has increased since the Securities and Exchange Commission approved 11 spot Bitcoin ETFs in late January.
“Bitcoin’s all-time high marks a turning point for cryptocurrencies. Traditional institutions were once dormant. Today, they are in full force as the main drivers of the crypto bull market. Here we are,” said Nathan McCauley, CEO and co-founder of Anchorage Capital in San Francisco.
“If you want to know why financial institutions exist over the long term, look at the underlying economics. From new ETFs to next halving, demand for Bitcoin is increasing, but Supply is decreasing.
“The industry took advantage of the bear market to build a more mature market structure and bring traditional investment vehicles, such as SEC-regulated ETFs, into cryptocurrencies,” McCauley said.
“We are now witnessing exactly what happens when markets have safe, secure and compliant access to that asset class, and financial institutions are just getting started. ”
“Bitcoin's return to its all-time high of $69,000 continues to divide opinion and continues to conquer all entrants with returns,” said Antoni Trenchevum, co-founder of Swiss cryptocurrency company Nexo. “This is evoking new superlative valuations for the oldest virtual currency in the world.”
risk on
“Bitcoin is rallying above its 2021 highs with a number of ETFs squeezing supply, meaning Bitcoin’s trajectory continues to $100,000 and beyond.”
“Part of [bitcoin’s rally] This is associated with generally positive feelings towards risk in general. Just look at the all-time highs of the S&P 500 and Nasdaq. The other part is definitely the institutionalization of interest in Bitcoin through the ETFs that have been launched,” added Alvin Tan, head of Asia foreign exchange strategy at RBC Capital Markets in Singapore. .
US approves Bitcoin ETF at watershed moment in crypto market
“Finally, after a very volatile two years with a lot of scandals regarding crypto exchanges and crypto figures, there hasn't been anything like that in recent months, so maybe we'll see the dust settle. I think there is.''That.
“I don't really know how to value Bitcoin, but I do think the rise in recent months has been very unusual. I really don't know if this speed will continue.” — (c) 2024 Reuters
