Bitcoin surges to $60,000 as enthusiasts eye record highs

financialpost.com:

Bitcoin rose to US$60,000 for the first time in more than two years, amid surging optimism that demand for the token is widening beyond committed digital-asset enthusiasts.

The largest cryptocurrency has jumped more than 40 per cent already this year, fuelled in part by the successful launch of U.S. exchange-traded funds (ETFs) holding the coins that have attracted more than US$6 billion since they began trading Jan. 11. Bitcoin last traded at US$60,000 in November 2021, after reaching an all-time high of almost Us$69,000 earlier that same month.

“It’s pretty nuts,” said Ryan Kim, head of derivatives at digital-asset prime brokerage FalconX.

An upcoming reduction in bitcoin’s supply growth, known as the halving, is adding to the optimistic sentiment. That has helped to extend a prolonged rally that has also stoked speculative appetite for smaller tokens ranging from ether to dogecoin.

“We are starting to see a pretty clear FOMO kind of rally,” said Zaheer Ebtikar, founder of crypto fund Split Capital. “More and more people are just convinced to buy.”

The intense rally has bitcoin on pace for its biggest monthly gain since December 2020, when the digital token jumped 50 per cent to around US$9,600.

Bitcoin has more than tripled in value since the start of last year, climbing back from a 64 per cent plunge in 2022, in a remarkable comeback from a series of crypto-industry scandals and bankruptcies that had raised questions about the viability of digital assets.

Digital tokens are jumping even though investors have pared back expectations for looser monetary policy this year, evidenced by a rise in United States Treasury yields. Bitcoin has outperformed traditional assets like stocks and gold in 2024.

“This reversal is all