- Bitcoin was trading at $60,500 on Wednesday after SEC approval in January
- Some investors predict the rally will continue with a ‘halving’ approaching
Bitcoin surpassed the $60,000 mark on Wednesday as the crypto resurges towards its former glory – an all-time high of $68,991 in November 2021.
At about 9.30am ET, the currency was trading at $60,500, its highest level in more than two years.
The latest rally gained steam after the US Securities and Exchange Commission (SEC) in January approved the trading of Bitcoin exchange-traded funds (ETFs).
They track the value of the currency but can be readily traded on stock exchanges, opening up Bitcoin exposure to institutional investors and notably older Americans.
Bitcoin surpassed the $60,000 mark on Wednesday as the crypto approached its all-time high of $68,991
The ETFs that started trading after the SEC approval last month have attracted a net inflow of more than $5 billion, according to Bloomberg
Since that approval on January 11, the 11 ETFs on the market have attracted a net inflow of more than $5.2 billion, according to Bloomberg.
Philippe Bekhazi, CEO of crypto firm XBTO, said sustained investment in the ETFs would likely continue driving up its value.
‘Looking ahead, we anticipate that the continued inflows into spot ETFs will maintain the upward momentum in BTC prices,’ he said.
Bekhazi also noted that the upcoming ‘halving’ would also fuel the ongoing rally. In April, the rate at which Bitcoin can be mined and entered into circulation will be halved, reducing its supply.
‘As we approach the BTC halving event, this trend is expected to persist, potentially leading to further appreciation,’ he said.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
