#TrendingTopic #Bitcoin officially tapped a new all-time high in US dollars on Tuesday, reclaiming its previous record of $69,000 logged on November 10, 2021.
The new milestone takes Bitcoin’s market cap to over $1.35 trillion, now equal to that of the entire global supply of silver.
⚪ Bitcoin’s price has skyrocketed since the launch of several U.S. Bitcoin spot ETFs in January, which made spot BTC a possible investment option for a swath of institutional buyers that couldn’t hold the cryptocurrency directly.
⚪ The asset’s Tuesday rally began when the U.S. stock market opened at 9:30 am ET– a growing trend as ETFs take up a larger share of Bitcoin’s daily trading volume. The asset trades for $69,101 at writing time.
⚪ Before its record-setting USD price, the asset had already far surpassed all-time highs against other national currencies like the Australian dollar (AUD), the Canadian dollar (CAD), the euro (EUR), and the British Pound (GBP).
⚪ According to Coinglass, Tuesday’s rally caused $536 million worth of liquidations in 24 hours, $286 million of which were on short trades.
⚪ Tuesday’s new high is significant in that it breaks a prevailing trend of Bitcoin only reaching new highs after its periodic “#halvingofbtc ” event, which cuts the rate at which new coins are minted in half. The next halving is estimated for April 2024
