Bitcoin has experienced a significant surge surpassing $63,000 for the first time since November 2021. The flagship cryptocurrency reached nearly $64,000 briefly before retracing slightly but remained close to its all-time high of $68,982.20, CNBC reports.
The market witnessed substantial price movements, resulting in significant liquidations of both short and long positions on centralized exchanges. The recent rally has reignited interest from retail investors, with bitcoin up nearly 20% this week and over 40% for the year 2024.
The launch of Bitcoin ETFs has made the asset class more accessible to institutional investors, and the upcoming halving event in April is anticipated to further drive prices higher by reducing bitcoin mining rewards.
