Bitcoin Breaks $63,000 Barrier Amidst Surging Spot ETF Inflows

Bitcoin (BTC) has soared past the $63,000 mark, marking its highest level since the peak of the last bull market in November 2021. This significant milestone comes amidst a rapid succession of $1,000 milestones being crossed by the original cryptocurrency.

The current surge in BTC price coincides with substantial inflows into U.S.-traded spot ETFs, with these new funds adding over 12,000 bitcoin on Tuesday alone, following an addition of about 10,000 on Monday. This bullish trend is further fueled by the upcoming bitcoin halving event scheduled for April, which historically triggers strong gains as the issuance of new bitcoin slows down.

Bitcoin’s rally has been relentless for months, intensifying even more this week. Just days ago, its price hovered below $51,000, but it has since surged past $60,000 and now sits comfortably above $63,000. At the time of writing, bitcoin has surged over 10% in the past 24 hours, with the broader CoinDesk 20 Index, a benchmark of major cryptocurrencies, rallying 7.8% over the same period.

With bitcoin bulls now eyeing the cryptocurrency’s all-time high of $69,045 set on November 10, 2021, according to Coingecko, the current momentum suggests that new records could be on the horizon for the leading digital asset.