Bitcoin hits new all-time high above $69,000

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The leading cryptocurrency came close to breaking the $70,000 mark.

Bitcoin set a new all-time high (ATH) surging to just over $69,000 (around £54,200).

This new rally in price – which is in US dollars and saw Bitcoin hit $69,225 on the Coinbase exchange – has been spurred by US finance giants pouring billions into buying Bitcoin.

It comes more than 2 years after Bitcoin last set a new ATH in November 2021, and follows the launch of Bitcoin exchange-traded funds (ETFs), which sparked new interest in the biggest cryptocurrency.

Is crypto back?

The launch of the 11 spot Bitcoin ETFs in January this year has seen demand for Bitcoin boom and its price is now up over 40% in US dollars since the start of 2024 (as of 5 March).

The next Bitcoin halving is due in April – the halving has historically marked the start of a new bull run for Bitcoin and other cryptocurrencies.

The success of the Bitcoin ETFs has fuelled further speculation that spot Ethereum ETFs will be approved this year in the US. However, neither of these has been approved in the UK and it’s unlikely they will be approved any time soon.

Is this a big deal?

The price of Bitcoin is predominantly measured (and traded) in US dollars. This new record surpasses the record set in November 2021. But crypto is notoriously volatile and in between these highs, Bitcoin sank as low as $16,500 in 2022.

If Bitcoin breaks the new record, you can expect more coverage and even more interest.

Trying to get a handle on the markets? Cut through the noise with our overview of Bitcoin and see if there’s a better platform for you with our guide to the best crypto exchanges.

*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.

Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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