Bitcoin rockets to record high as investors cheer ETFs; analysts say, 'it's just getting started'

Bitcoin soared to a record high on March 06, fueled by investors pouring money into newly created spot exchange-traded funds in the U.S. The world's largest cryptocurrency hit a high of $69,202, topping an all-time peak reached in November of 2021. It then moved lower later in Tuesday’s session. Bitcoin’s surge is driven by “simple supply and demand,” says Ben Laidler, global markets strategist at eToro, and comes just weeks after the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January. Supply of bitcoin is limited to 21 million, of which 19 million have already been mined.
Share this Video
ADVERTISEMENT