Bitcoin Hits a (Nice) All-Time High of $69,000 With Wall Street in ‘Buy Anything’ Mood
For obvious reasons, $69,000 is a holy number in the world of bitcoin. In November 2021, during the last crypto bubble, the digital currency surged to an all-time high $68,990.90 — painfully close to the sex-joke number Elon Musk loves so much. But it crashed in price over the following year as a succession of frauds was revealed, effectively demolishing the crypto market as we knew it. But, surprisingly, bitcoin is back. On Tuesday,
more than two years after the last all-time high, the bitcoin nerds got another chance to laugh. At about 10 a.m. in New York, bitcoin surged past its all-time high and for a brief moment attained the nice level of $69,000. (This being bitcoin, almost immediately it then fell by about $5,000.)
Bitcoin is, of course, having a big moment.
Its 2024 price surge is lubricated by the dozen exchange-traded funds, managed by the likes of BlackRock and Fidelity, that are making it easier for both institutions and regular investors to get in on the action. There will also be a technical change to the coming supply of new bitcoins, called the halving — theoretically, it’s a mechanism that will make bitcoins more valuable in the future (which remains to be seen).
