Bitcoin exceeds $65,000 and an all-time high is in sight By Reuters

By Amanda Cooper and Tom Westbrook

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

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

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

Spot bitcoin exchange-traded funds were approved in the United States earlier this year. Its launch paved the way for new large investors and has reignited the enthusiasm and momentum reminiscent of the run-up to record levels in 2021.

“Flows are not drying up as investors feel more confident that the higher price appears to decline,” said Markus Thielen, head of research at crypto analytics house 10x Research in Singapore.

Net flows into the 10 largest US spot bitcoin funds reached $2.17 billion in the week to March 1, with more than half of that going to BlackRock's iShares Bitcoin Trust (NYSE 🙂 , according to LSEG data.

Ether, a smaller rival, has added to speculation that it could soon also have exchange-traded funds driving inflows. It is up 50% so far this year and was trading at a two-year high on Monday, up 2.6% on the day at $3,518.

The rebound occurred in conjunction with the record fall in the stock indices from the Nasdaq and the technological Nasdaq, and with the volatility indicators in stocks and currencies falling.

“In a world where the Nasdaq is hitting new all-time highs, cryptocurrencies will perform well as bitcoin remains a high-volatility technology indicator and liquidity thermometer,” said Donnelly, a trader and president of analytics firm Spectra. Markets.

“We're back to a 2021-style market, where everything goes up and everyone has fun.”