Bitcoin continued its upward momentum, nearing its all-time high as it surpassed $65,000, driven by demand for exchange-traded funds (ETFs) in the United States, Bloomberg reports.
The cryptocurrency reached $65,010, its highest level since November 2021, before retracing slightly to $64,917. The surge is attributed to the strong demand from US-listed Bitcoin ETFs, with net inflows totaling $7.35 billion from major fund names like BlackRock Inc. and Fidelity Investments since their debut in January.
Traders anticipate further price increases driven by strong ETF demand, with Bitcoin potentially surpassing its previous record of almost $69,000. The looming Bitcoin halving in April, reducing coin supply growth, adds to the demand pressure.
