Bitcoin surges beyond $64,000 as all-time highs loom

Bitcoin rises: Bitcoin reached a two-year peak on Monday, surpassing $64,000 as a surge of capital propelled it towards record levels.

Reaching $64,285 early in Asian tring session, Bitcoin hit its highest point since late 2021, ultimately settling 2 per cent higher for session at $63,850. Its previous record high stands at $68,999.99, set in November 2021.

leing cryptocurrency by market value has surged by 50 per cent this year, with majority of gains occurring in recent weeks, coinciding with a surge in tring volume for US-listed bitcoin funds.

approval of spot bitcoin exchange-tred funds earlier this year in United States has paved way for major inflows from new large investors, reigniting enthusiasm and momentum reminiscent of surge to record levels in 2021.

Markus Thielen, he of research at crypto analytics firm 10x Research in Singapore, noted, “ flows are not drying up as investors feel more confident higher price appears to go.”

Er, Bitcoin's smaller rival, has also seen a surge in speculation amid expectations that it may soon have exchange-tred funds driving inflows.

Despite reaching $3,490 on Monday, up 50 per cent year-to-date, Er remained just shy of its two-year highs reached last week.

crypto rally has coincided with record-breaking performances across stock indexes, including Japan's Nikkei, S&P 500, and tech-heavy Nasdaq, while volatility indicators in equities and foreign exchange have trended lower.

Brent Donnelly, trer and president at analysis firm Spectra Markets, commented, “In a world where Nasdaq is making new all-time highs, crypto is going to perform well as bitcoin remains a high-volatility tech proxy and liquidity rmometer. We are back to a 2021-style market where everything goes up and everyone is having fun.”

(With Reuters Inputs)