Bitcoin surged 20% this week to surpass $60,000, its highest level since November 2021 when the cryptocurrency reached its record of more than $68,000.
“This regulatory endorsement has instilled confidence among investors, generating new momentum for adopting crypto assets,” said Market Analyst Antonio Ernesto Di Giacomo of xs.com.
In January, the Securities and Exchange Commission approved a spot Bitcoin ETF after years of rejecting it. That, according to Zach Pandle, head of research at Grayscale, has intensified the demand—and the interest has raked in an average of almost $200 million each day this month.
“There is simply not enough Bitcoin to accommodate all the new demand, and so natural supply/demand dynamics are driving prices higher,” Pandl said.
