Bitcoin Spikes to New Record High Over $61K
After a period of drops and consolidation since mid-February, Bitcoin has found its mojo again and soared to new all-time highs.
In a move starting just after 10 a.m. UTC Saturday, the top cryptocurrency by market cap crossed $60,000 for the first time and hours later crossed $61,000 to set an all-time high of $61,556.59, according to the CoinDesk 20. In recent trading, bitcoin was at $61,119.51, up 7.47% in the last 24 hours.
“Institutional investment continues to build momentum with Chinese internet firm Meitu the latest to execute a Bitcoin treasury strategy, ” according to Jehan Chu, co-founder and managing partner of Kenetic, a Hong Kong-based trading firm.
“Further, Beeple’s $69 milllion NFT record demonstrates the true power of crypto, adding curiosity and fuel to the retail fire. Expect volatility but a landing of $100k levels by Q3,” he said.
The move passed the previous record of around $58,330 set on Feb. 21.
After that, bitcoin had seen a retreat to as low as $43,000, amid uncertainty in the traditional markets over stimulus expectations and their affects on U.S. bond yields.
Both stocks and cryptocurrencies across the board saw losses and sideways trading for several weeks, before rising again in the last eight days.
The new high comes two days after President Joe Biden signed a massive $1.9 trillion stimulus program into law that is sending checks for $1,400 to many U.S. citizens. According to various media accounts, people have started receiving the checks, which could be another factor in bitcoin’s rise.
U.S. Treasury yields have climbed back to over 12-month highs in the wake of the fresh stimulus. This time, however, bitcoin is showing resilience – contrary to the last week of February when prices fell by 20% amid rising yields.
Bitcoin’s quick rise caused the liquidation of over $100 million in short positions in a matter of minutes, according to a tweet from Glassnode co-founder and chief technology officer, Rafael Schultze-Kraft.
The move to $61,000 brought bitcoin’s market cap to $1.14 trillion – not far below the $1.385 trillion value of Google’s parent company, Alphabet, according to CompaniesMarketCap.com.
UPDATE (March 13, 11:47 UTC): Added latest price after move over $60,000.
UPDATE (March 13, 20:28 UTC): Added latest price after move over $61,000.
See also: Why Bitcoin Is More Like a $100 Bill Than Gold
