Bitcoin surged Wednesday to above $60,000 for the first time in more than two years, a significant milestone as the world’s largest cryptocurrency stages a massive recovery.
Blackrock executives ring the Nasdaq's opening bell in January.
Bitcoin rose as much as 6% to over $60,400 in Wednesday trading.
It’s the digital asset’s first time above $60,000 since Nov. 17, 2021.
Bitcoin prices are now up more than 30% since U.S. regulators approved spot bitcoin exchange-traded funds (ETFs), allowing investors easier direct exposure to bitcoin, far outpacing major stock indexes.
The recent rally coincides with significant inflows into the bitcoin ETFs.
Crypto-heavy stocks like exchange Coinbase, bitcoin holder MicroStrategy and bitcoin miner Marathon Digital each rose more than 5% in premarket trading, on track to open at multiyear highs.
$1.19 trillion. That was bitcoin’s total market capitalization Wednesday, according to CoinGecko. Bitcoin’s gross value was just above $300 billion in Nov. 2022, when crypto prices bottomed amid industry turmoil.
Some $6.7 billion of new capital has flowed into spot bitcoin ETFs in their first six weeks of existence, according to BitMEX Research. More than $1 billion of inflows came Monday and Tuesday, a majority of which went to funds managed by legacy firms BlackRock and Fidelity.
This is a breaking news story and will be updated…