Bitcoin Reaches All-Time Record of US$69,000 Today and Matches Silver in Market Value

On Tuesday, Bitcoin set an unprecedented milestone, reaching an all-time high in US Dollars as it tested the $69,000 mark, thus reaching its previous all-time high recorded on November 10, 2021. This remarkable feat raised the value of Bitcoin market to more than $1.35 trillion, putting it on par with the value of the global silver supply, a milestone for the digital asset.

This jump in Bitcoin’s price was driven by the launch of several spot Bitcoin ETFs in the United States in January, opening the asset to a wider range of institutional buyers who were previously unable to own the cryptocurrency directly. The appreciation seen on Tuesday coincided with the opening of the US stock market at 9:30 am ET, highlighting the growing tendency of Bitcoin ETFs to take up a significant share of the asset’s daily trading volume.

At the time of publication, the price of BTC was quoted at US$68,377.92, up 3% in the last 24 hours.

In addition to its record in US dollars, Bitcoin had already surpassed all-time highs in several other currencies, such as the Australian dollar, Canadian dollar, euro and British pound. This widespread acceptance and global appreciation highlights the robustness and growing appeal of Bitcoin as an investment asset.

Tuesday’s all-time high had a significant impact on the market, triggering liquidations worth $536 million in 24 hours, with a large portion of those liquidations, around $286 million, occurring in short trades. This movement reflects the volatility and dynamic opportunities within the cryptocurrency market.

Significantly, this all-time high for Bitcoin defies the previous trend of the asset only reaching new highs after its halving events, which halve the mining reward and, in turn, the minting rate of new coins. The next halving is scheduled for April 2024, making this milestone even more notable.

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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.