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Investing.com — The price of Bitcoin cleared key levels in Asian trade on Tuesday, and were now less than $1,000 shy of a record high hit during the peak of a bull run in 2021.
The world’s largest cryptocurrency had risen by 1.8% to $66,487 by 03:17 ET (08:17 GMT). Hours earlier it had surged by as much as 8.4% to an over two-year high of $68,450.9 — within spitting distance of an all-time high of $68,999 reached in late-2021.
Gains in Bitcoin were driven chiefly by steady capital inflows into the token, especially after the approval of several U.S. exchange-traded funds that directly track the token’s price.
“When you open up ETF capital pools for a digital commodity with limited supply, the only price direction is up,” analysts at Bernstein said in a note to clients.
Its correlation with technology stocks also factored into the token’s recent gains, while markets awaited an upcoming halving in the rate at which new Bitcoin is generated- an event that is expected to tighten markets.
Data from digital asset manager CoinShares showed Bitcoin-linked investment products saw a fifth straight week of capital inflows in the week to March 4, a total of $1.7 billion. While short positions on the token increased, U.S.-listed ETFs tracking Bitcoin, particularly offerings from BlackRock (NYSE:BLK) (NASDAQ:IBIT) and Fidelity (NYSE:FBTC), commanded the lion’s share of inflows.
On the other hand, Grayscale (NYSE:GBTC) continued to see sustained outflows, as it grappled with increased competition in the Bitcoin ETF space.
Sentiment towards Bitcoin was also boosted by Microstrategy (NASDAQ:MSTR), the largest corporate holder of the token, saying it will issue $600 million in debt to buy more Bitcoin.
World no.2 crypto Ethereum touched a two-year high of $3,624.03, as focus also remained on the potential approval of a spot ETF for the token. Crypto-linked stocks also rallied on Wall Street on Monday.
Still, crypto trading volumes, particularly in Bitcoin and Ethereum, remained well below highs seen in the aftermath of the 2022 bull run, Investing.com data showed.
While Bitcoin has rallied more than 400% from lows hit in late-2022, retail interest in crypto has remained weak following several high-profile frauds and bankruptcies over the past two years.
Ambar Warrick contributed to this report.
Source: Investing.com
