Due to a spike in investment into U.S. spot exchange-traded cryptocurrency products and the possibility of a global decline in interest rates, Bitcoin reached a new record high on Tuesday.
The cryptocurrency surpassed the previous all-time high of $68,999.99 in November 2021 to reach a height of $69,202. Since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January, investor’s interest has been on the rise.
With a dramatic 44% spike in just February, Bitcoin has risen about 160% since October.
Analysts speculate that the excitement over the April halving event, which happens every four years and entails halving the rate at which tokens are created as well as the rewards paid to miners, has also helped bitcoin.
With 19 million of its 21 million units having mined, the possibility of limited supply has contributed to the increase in price of bitcoin.
