Bitcoin hits US$60K for 1st time in over 2 years. What’s behind the latest rally
Bitcoin’s price hit US$60,000 on Wednesday for the first time in more than two years, as a surge of capital into new U.S. spot bitcoin exchange-traded products fueled a rally that has reached 42 per cent this month, on track for its largest monthly gain since December 2020.
Bitcoin was last up 8 per cent at US$61,272, its highest since November 2021, when it hit a record just below US$70,000. It was also heading for its largest weekly gain in a year, up 18.5 per cent since Feb. 21.
Traders have poured into bitcoin ahead of April’s halving event – a process designed to slow the release of the cryptocurrency. In addition, the prospect of the Federal Reserve delivering a series of rate cuts this year has fed investors appetite for higher-yielding or more volatile assets.
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