Bitcoin's New Milestone

On a remarkable Tuesday afternoon, the world of cryptocurrencies witnessed a surge as Bitcoin climbed above the $72,000 mark. This significant rise brings it tantalizingly close to its historical peak in U.S. dollar value.

Bitcoin Surges Past $72,000, Nearing All-Time High

(Reuters) - Bitcoin rose above the $72,000 mark on Tuesday for the first time since U.S. President Joe Biden signed a $1.9 trillion COVID-19 stimulus package into law in March.

The world’s largest cryptocurrency was trading up 3.2% at $72,100 by 14:30 ET. It came closer to its record peak of $72,250 on March 30.

Bitcoin has surged about 75% so far in 2021 and crossed the $70,000 mark last week. Its recent rally was sparked by optimism over the stimulus package and the cryptocurrency’s increasing acceptance by institutional investors and major Wall Street banks.

A slew of corporate executives and asset managers have also touted Bitcoin as an inflation hedge and a safe-haven asset, despite the cryptocurrency’s massive price swings.

Bitcoin’s latest surge also comes ahead of the first exchange-traded fund linked to Bitcoin futures expiring on Friday. ProShares Bitcoin Strategy ETF (BIT) began trading on March 21 and has attracted about $1.2 billion in net inflows.

After the ETF expires, the next trading day will be April 18.

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