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Bitcoin rises beyond $68,000, in sight of record high

Representations of cryptocurrency Bitcoin are shown in this illustration, August 10, 2022

SINGAPORE, March 5 (mod1s) - Bitcoin was poised at a two-year top on Tuesday, breaking over $68,600 and chasing the all-time high as money continues flooding into the biggest cryptocurrency by market value.
Bitcoin has gained 50% this year and much of the advance has occurred in the past few weeks when inflows into U.S.-listed bitcoin ETFs have skyrocketed. 

On Tuesday, it stood at $68,500 in Asian hours, having achieved a session high of $68,828, a whisker shy from the all-time top of $68,999.99 it established in November 2021.

Spot bitcoin exchange-traded funds were legalized in the United States early this year. Their introduction cleared the path for new major investors and has re-ignited interest and momentum reminiscent of the run up to record levels in 2021. 

"It's crypto frenzy 4.0, and I believe if we continue to have very modest bond and rate volatility, it might keep growing. There's obviously something of an irrational habit sneaking into the market," said Kyle Rodda, senior markets analyst at Capital.com.

Net flows into the 10 biggest U.S. spot bitcoin funds hit $2.17 billion in the week to March 1, with more than half of that coming into BlackRock's iShares Bitcoin Trust (IBIT.O), opens new tab, according to LSEG data. 

"The appetite to gain exposure to Bitcoin is reaching insatiable levels," said Tony Sycamore, a market analyst at IG. 

"While Bitcoin overbought in the short term, the move is far from done, and dips will be well supported with a move towards $80,000 not out of the question." The rally has come in tandem with records tumbling on stock indexes from Japan's Nikkei (.N225), opens new tab to the S&P 500 (.SPX), opens new tab and tech-heavy Nasdaq (.IXIC), opens new tab and with volatility gauges in equities (.VIX), opens new tab and foreign exchange (.DBCVIX), opens new tab turning lower. 

Smaller competitor ether has caught a ride on predictions that it too may soon have exchange-traded funds driving inflows and is up over 50% for the year and was last at $3,649.

A regulatory filing on Monday disclosed the U.S. Securities and Exchange Commission has further postponed its decision on an application by asset management BlackRock (BLK.N), opens new tab for its spot ethereum exchange-traded fund. 

Elsewhere, the quantity of dollar-pegged stablecoins released by Tether has exceeded $100 billion, the crypto business reported on its website on Monday. Tether creates a stablecoin which is supposed to keep a constant value of $1.

Source: https://www.reuters.com/

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