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Crypto Crazy: Bitcoin, Other Digital Currencies Reach All Time Highs
Crypto Crazy: Bitcoin, Other Digital Currencies Reach All Time Highs
May 22, 2024 11:27 PM

Bitcoin officially reached new all-time highs in trading, climbing above the $72K on Monday March 11. That surpassed the previous all-time high of $69K last week.

This continues a tremendously strong first quarter for BTC increasing roughly 62% since January 01, 2024 and has now eclipsed last cycle's all-time high set in November of 2021.

Other cryptocurrencies have surged in price as well.

The news is especially good for online gambling sites that have pushed Bitcoin hard over the years.

The shattered records come as Britain's financial watchdog on Monday became the latest regulator to pave the way for digital asset trading products after saying on Monday it will now permit recognised investment exchanges to launch crypto-backed exchange-traded notes.

From Reuters:

The world's most valuable cryptocurrency has been boosted by a flood of cash into new spot bitcoin exchange-traded funds as well as hopes that the Federal Reserve will soon cut interest rates.

Flows of capital into the 10 largest U.S. spot bitcoin exchange-traded funds slowed to a two-week low in the week to March 8, but still reached almost $2 billion, according to LSEG data.

"Bitcoin has started the week with a surge, dragging the rest of the cryptocurrency space higher with it," DailyFX strategist Nick Cawley said.

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