Bitcoin surged at the start of the week, inching closer to its all-time high after a brief pause over the weekend. The leading cryptocurrency soared by 7.65% to $67,608.30, hitting a peak of $67,977.77, its highest level since November 2021 when it set its record high. Ether also saw gains of 3.41%, trading near its January 2022 highs at $3,588.83.
Following their strongest week in almost a year—bitcoin gaining around 21% and ether 16%—both coins took a breather over the weekend as investors reacted to significant outflows from the Grayscale Bitcoin Trust (GBTC) that were offset by inflows into new bitcoin exchange-traded funds.
Trenchev also suggested that the current market environment may mirror the previous week’s rapid $10,000 surge in bitcoin, indicating potential explosive price action fueled by strong demand from these new spot ETFs. With bitcoin hovering around $67,000, it stands just 3% below its intraday record of $68,982.20.
Source (CNBC)
