Bitcoin Breaks New All-Time High of $69,000 Before Declining

Bitcoin hit a new all-time high against the US dollar on Tuesday, reclaiming the $69,000 record previously set on November 10, 2021.

The new milestone brings Bitcoin's market cap to over $1.35 trillion, which is now equal to the entire world's silver supply.

Bitcoin prices have risen since the launch of several US Bitcoin spot ETFs in January, making spot BTC an investment option for institutional buyers unable to hold the cryptocurrency directly. The asset's rally on Tuesday began as US stock markets opened at 9:30 a.m. ET – a growing trend as ETFs take a larger share of Bitcoin's daily trading volume. The property trades for $69,101 at the time of writing. Prior to the record-setting US dollar, the asset had hit all-time highs against national currencies such as the Australian dollar (AUD), Canadian dollar (CAD), euro (EUR) and British pound (GBP). . According to Koinlas, Tuesday's rally led to an estimated $536 million outflow in 24 hours, $286 million of which was in short trading. Tuesday's new high just broke Bitcoin's existing trend and reached a new high after the temporary “halving” event, which cuts the rate at which new coins are issued in half. The next half is estimated in April 2024.