Kelvin Bowoto
Bitcoin, the world’s most popular cryptocurrency, saw its price rise to a new all-time high of $69,170.63 on Tuesday afternoon.
The new price surpassed the previous record high of $68,999.99, set in November 2021.
The development comes as investors began to actively investigate U.S. spot exchange-traded cryptocurrency products in response to concerns that global interest rates could fall.
According to LSEG data, BlackRock’s iShares Bitcoin Trust (IBIT.O) collected more than $2 billion of the $2.2 billion in net flows into the top ten U.S. spot bitcoin funds last Friday.
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Bitcoin’s value has ranged between an intraday low of $63,460.01 and a high of $69,170.63, according to statistics provided by CoinMarketCap, a website that collects real-time market data for digital currencies.
“The bitcoin all-time high marks a turning point for crypto,” Reuters reported Nathan McCauley, CEO and co-founder of cryptocurrency platform Anchorage Digital.
“Traditional institutions were once sitting out; today, they are here in full force as the principal drivers of the crypto bull market,” he went on to explain.
Techrectory with Agency Report.
