Bitcoin pares losses, hovers around $65k after record-high run
Investing.com-- Bitcoin pared a bulk of its losses in Asian trade on Wednesday, remaining within sight of a record high as steady capital flows into U.S. spot exchange-traded funds and anticipation of a “halving” event kept buyers in play.
The world’s largest cryptocurrency was trading down 1.9% at $66,022.9 by 00:41 ET (05:41 GMT), after hitting a record high of $69,063 on Tuesday, according to Investing.com data.
The token had fallen almost immediately after hitting a peak, sinking as low as $59,000 before paring its losses.
Gains in Bitcoin come amid consistent capital flows into the recently-approved spot ETFs in U.S. markets. Data released earlier this week showed U.S. crypto products seeing a fifth straight week of inflows, with Bitcoin products commanding the lion’s shares of inflows.
The spot ETF approval appeared to have drawn a deluge of institutional investors into crypto.
Bitcoin was also buoyed by anticipation of a “halving” event in April, which will see the rate of generation of new Bitcoin being slashed in half, limiting fresh supply.
Bitcoin’s highs mark a new record after November 2021. But in the interim, it had fallen drastically as the crypto industry was rattled by a string of high-profile frauds and bankruptcies.
Still, the token has now risen more than four-fold from a low of about $15,000 hit in November 2022, in the aftermath of the FTX debacle. Bitcoin also surged about 150% through 2023.
“The move has just gone parabolic, it just can’t continue like it has for so long, and we’re starting to see signs of a little bit of maturity in the move we’ve seen to date, but that doesn’t mean that it’s a reversal,” Tony Sycamore, market analyst at IG said in an interview with Ausbiz.
“At this point
Read more on investing.com
