Bitcoin surges beyond $64,000, nears record levels

Bitcoin surged past the $64,000 mark on Monday, hitting its highest level in two years amidst a strong influx of investment that pushed it tantalizingly close to its all-time high.

Reaching $64,285 during the Asian trading session, the cryptocurrency was up 2% for the day at $63,850. Bitcoin’s previous record peak stands at $68,999.99, achieved in November 2021.

This year alone, the leading cryptocurrency by market value has seen a 50% increase, with much of this surge occurring in recent weeks as trading volumes soared for U.S.-listed bitcoin funds.

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The approval of spot bitcoin exchange-traded funds earlier in the year in the United States has paved the way for new significant investors. This development has reignited enthusiasm and momentum similar to the buildup to the record levels seen in 2021.

Meanwhile, Ethereum, a smaller competitor, has also seen gains on speculation that it may soon have its exchange-traded funds driving increased investment. It was up 50% year-to-date, reaching $3,490 on Monday, just below the two-year highs it reached last week.

The cryptocurrency rally is occurring alongside record-breaking performances in stock indexes such as Japan’s Nikkei, the S&P 500, and the tech-heavy Nasdaq. Simultaneously, volatility indicators in equities and foreign exchange markets are showing a downward trend.