- Bitcoin was trading at $60,500 on Wednesday after SEC approval in January.
- Some investors predict that the rally will continue and that a halving is near.
<!–
<!–
<!–
<!–
<!–
<!–
Bitcoin surpassed the $60,000 mark on Wednesday as the cryptocurrency reemerges toward its former glory: an all-time high of $68,991 in November 2021.
At around 9.30 am ET, the coin was trading at $60,500, its highest level in more than two years.
The latest rally gained strength after the US Securities and Exchange Commission (SEC) approved trading in Bitcoin exchange-traded funds (ETFs) in January.
They track the value of the currency, but can be easily traded on stock exchanges, opening up Bitcoin exposure to institutional investors and, in particular, older Americans.
Bitcoin surpassed $60,000 on Wednesday, its highest level in more than two years
ETFs that began trading following SEC approval last month have attracted net inflows of more than $5 billion, according to Bloomberg.
Since that approval on Jan. 11, the 11 ETFs on the market have attracted net inflows of more than $5.2 billion, according to Bloomberg.
Philippe Bekhazi, CEO of crypto company XBTO, said sustained investment in ETFs would likely continue to increase their value.
“Looking ahead, we anticipate that continued inflows into spot ETFs will maintain the bullish momentum in BTC prices,” he stated.
Bekhazi also noted that the upcoming “halving” would also fuel the ongoing rally. In April, the rate at which Bitcoin can be mined and put into circulation will be halved, reducing its supply.
“As we approach the BTC halving event, this trend is expected to persist, which could lead to further appreciation,” he said.