Bitcoin breaches $68,000 level; what’s fuelling the rally?
Investors are hopeful that Bitcoin will soon go past its previous all-time high of $68,990 recorded in November 2021
Investors are hopeful that Bitcoin will soon go past its previous all-time high of $68,990 recorded in November 2021
Bitcoin prices have risen 27% year-to-date, driven by spurt in activities in the spot bitcoin exchange traded funds (ETFs), which started in the U.S. in Jan 2024.
The idea is, says Rajagopal Menon of WazirX, that this asset class will be volatile because it is traded 365 days for 24 hours.
Bitcoin earlier tanked below $26,000 but later recovered a bit to $27,604.56. The digital currency is still down 11% in 24 hours.
The world's largest crypto has fallen 20.20% in the past seven days and 28.19% in the past one month. The fall seen in the context of larger sell-off in the global market amid weak sentiments.