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The
price hit a session high of $65,537 early in Europe, having
already hit a new two-year high in Asian trading. It was last up
4% at $65,045. Bitcoin hit a record $68,999.99 in November 2021.
The largest cryptocurrency by market value has gained 50% this
year and most of the rise come in the last few weeks where
inflows into U.S.-listed bitcoin funds have surged.
Spot bitcoin exchange-traded funds were approved in the United
States earlier this year. Their launch opened the way for new
large investors and has re-ignited enthusiasm and momentum
reminiscent of the run up to record levels in 2021.
"The flows are not drying up as investors feel more confident
the higher price appears to go," said Markus Thielen, head of
research at crypto analytics house 10x Research in Singapore.
Net flows into the 10 largest U.S. spot bitcoin funds reached
$2.17 billion in the week to Mar 1, with more than half of that
going into BlackRock's iShares Bitcoin Trust, according to LSEG
data.
Smaller rival ether has hitched a ride on speculation that it
too may soon have exchange-traded funds driving inflows. It's up
50% year-to-date and by Monday was trading at two-year highs, up
2.6% on the day at $3,518.
The rally has come in tandem with records tumbling on stock
indexes from Japan's Nikkei to the S&P 500 and tech-heavy Nasdaq
and with volatility gauges in equities and foreign exchange
turning lower.
"In a world where Nasdaq is making new all-time highs, crypto is
going to perform well as bitcoin remains a high-volatility tech
proxy and liquidity thermometer," said Brent Donnelly, trader
and president at analysis firm Spectra Markets.
"We are back to a 2021-style market where everything goes up and
everyone is having fun."
(Editing by Shri Navaratnam Editing by Louise Heavens)
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