Bitcoin tops $53,000 to reach highest in more than two years
Bitcoin rose to the highest in more than two years, climbing above $54,000, amid growing optimism that persistent investor demand through exchange-traded funds will drive the price of the largest cryptocurrency back to record levels.
“Bitcoin continues its ascent, supported by strong ETF inflows,” said Spencer Hallarn, global head of over-the-counter trading at crypto investment firm GSR.
The original digital currency increased as much as 5.2% to $54,438 after trading in a narrow range for more than a week. It last traded at this level in December 2021, and reached an all-time high of almost $69,000 the prior month.
Investors have poured more than $5 billion into nine ETFs that began trading last month. That figure takes into account the $7.4 billion that has been withdrawn during the same period from the Grayscale Bitcoin Trust, which was converted from a trust.
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View Details»“Bitcoin is approaching new yearly highs off the back of increased spot demand and momentum traders taking positions off the back of a breakout after a week of consolidation,” said Chris Newhouse, a DeFi analyst at Cumberland Labs. “Interestingly enough, liquidations are not too excessive for the current price action, and shorts who were liquidated were quickly replaced with leveraged longs.”
The open interest, or the number of outstanding contracts, for
