Bitcoin’s value witnessed a steep rise today, reaching a two-year high of US$64,285, a mere 2% shy of its all-time record of US$68,999.99 set in November 2021. This surge marks a 50% increase in the cryptocurrency’s value since the beginning of this year, with the majority of this growth observed in recent weeks.
The rise in Bitcoin’s value corresponds with a significant increase in trading volumes for US-listed Bitcoin funds, following the approval of spot Bitcoin exchange-traded funds in the United States earlier this year. The introduction of these funds has attracted substantial investors, fuelling a surge of enthusiasm reminiscent of the cryptocurrency’s peak in 2021, said Markus Thielen, the head of research at 10x Research, a crypto analytics firm based in Singapore.
“The flows are not drying up as investors feel more confident the higher…
