Bitcoin briefly hits an all-time high, less than two years after FTX scandal clobbered crypto
NEW YORK — Bitcoin has hit an all-time high less than two years after the collapse of the crypto exchange FTX severely damaged faith in digital currencies and sent prices plunging.
The world’s largest cryptocurrency
jumped 4% this week and briefly surpassed $68,800 Tuesday, according to CoinMarketCap. That’s just above bitcoin’s previous record set in November 2021.
The volatile asset soon fell some, standing at just under $62,000 as of 3 p.m. ET, but the price is still up more than 175% from one year ago.Gains in recent months have been fueled by the anticipation, and eventual U.S. approval,of bitcoin exchange traded funds earlier this year, which provided access to a much broader class of investors. The price for bitcoin has surged about 60% since the approval of bitcoin ETFs in January, an easy way to invest in assets or a group of assets — like gold, junk bonds or bitcoins — without having to directly buy the assets themselves.
