Bitcoin Tops $63K for First Time Since November 2021
Spot bitcoin ETFs are seeing massive inflows of money and BTC is crossing $1,000 milestones one after another in quick succession.
Updated Mar 8, 2024, 10:19 p.m. Published Feb 28, 2024, 1:30 p.m.
The price of bitcoin (BTC) topped $63,000 on Wednesday, the original cryptocurrency's first time above that level since the peak of the last bull market in November 2021.
This week's giant rally has coincided with huge inflows into U.S.-traded spot ETFs, with the new funds adding more than another 12,000 bitcoin on Tuesday after adding about 10,000 on Monday. And it comes ahead of the so-called bitcoin halving in April, an event that takes place every four years and usually accompanies strong gains as the issuance of new bitcoin slows.
Bitcoin has been on a ferocious rally for months, but that has picked up this week. Just a few days ago, its price was below $51,000. It crossed $60,000 just a few hours before exceeding $63,000.
At press time, bitcoin was up more than 10% over the past 24 hours. The broader CoinDesk 20 Index, a benchmark of the biggest cryptocurrencies, had rallied 7.8% over the same time period.
Bitcoin bulls now have their sights on the crypto's all-time high of $69,045 set on Nov. 10, 2021, according to Coingecko.
$BTC is in price discovery phase. Maybe really for the first time since it’s been an asset as now the bulk of US wealth has easy access. Hard to predict where we stop.
— Mike Novogratz (@novogratz) February 28, 2024
Read more: The 'Fear and Greed” Index Reading Is Now at 87, a Sign of 'Extreme Greed'
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
