Bitcoin back on the rise after vaulting to new record
Bitcoin rallied again on Wednesday after retreating briefly from an all-time high it set less than 24 hours earlier, as bulls showed few signs of pulling their bets on the world's largest cryptocurrency.
Bitcoin jumped 5% during the Asian session to an intraday peak of $66,540 in volatile trading, not too far from Tuesday's record high of $69,202. It was last 4% higher at $65,946.
The digital asset's meteoric rally — having already surged 55% for the year so far — has been fuelled by investors pouring money into U.S. spot exchange-traded crypto products and the prospect that global interest rates may fall.
The rally is backed by ETF flow and an outlook that includes an ethereum upgrade and bitcoin «halving,» which slows the flow of bitcoin minting, said Lennix Lai, global chief commercial officer at crypto exchange OKX.
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View Details» «The trend also indicates an elevated level of mainstream acceptance of bitcoin, perhaps more than ever before.»
The approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission in late
