Bitcoin breaks record, surpasses $69,000 for first time since 2021

In a historic moment, Bitcoin surged past its previous record, reaching an all-time high of over $69,000.

This surpasses the peak it achieved in November 2021, marking a significant milestone in the cryptocurrency’s journey, according to Coin Edition.

The new record signifies Bitcoin’s growing market cap, now exceeding $1.35 trillion – a figure on par with the global value of silver. This surge is attributed, in part, to the launch of several US Bitcoin spot ETFs in January, which opened doors for institutional investment opportunities previously unavailable.

Interestingly, March 4 rally appears to be linked to the US stock market opening, a trend potentially influenced by the increasing role of ETFs in daily Bitcoin trading volume. As of this writing, Bitcoin sits at a price of $69,101.

This record isn’t just about US dollars. Bitcoin has already reached all-time highs against various other currencies, including the Australian dollar, Canadian dollar, euro, and British pound.

While March 4 rally triggered liquidations exceeding $536 million, with short positions accounting for over half, it signifies a crucial shift. This new high disrupts the historical norm where Bitcoin primarily reached new peaks following its “halving” event, which reduces the rate of new coin creation by half. The next halving event is expected in April 2024.

Whether this marks the beginning of a sustained upward trend for Bitcoin remains to be seen, but one thing is certain: the world’s most popular cryptocurrency has etched its name in financial history once again.