| 31 January 2023, Tuesday |

Bitcoin surges past $68,000 level to reach a record high

Bitcoin surpassed $68,000 for the first time, setting a new all-time high, as part of a larger recent rally in the cryptocurrency sector.

The world’s largest digital coin by market value increased by up to 2.5 percent in overnight trading in the United States to $67,778, breaking the previous record set on October 20 at just under $67,000. The overall value of cryptocurrencies has risen to more than $3 trillion.

However, according to CoinDesk, at 9.06am UAE time on Tuesday, Bitcoin was up 4.8% and trading at $68,303.96.

“This breakout in Bitcoin may signal the beginning of a final push-up for the fourth quarter before the crypto market exhibits more pronounced consolidation into next year,” Fundstrat said in a technical-strategy report on Monday.

“Strength in Bitcoin, Ethereum, and many other alt-coins appears likely in the coming weeks.”

Following the launch of the first Bitcoin-linked exchange-traded fund for US investors, Bitcoin set a new high in October. The ProShares Bitcoin Strategy ETF, which tracks Bitcoin futures, attracted more than $1.2 billion in volume on its initial public offering.

The market for digital assets, which has been around for a little more than a decade, has already roughly quadrupled from its end-of-year value in 2020. Bitcoin has risen by more than 130% year to date.

The ride was bumpy: in June, the token fell below $30,000 due to criticism of its energy consumption and China’s cryptocurrency crackdown. It then began to recover partially as the cryptocurrency sector adjusted to China’s regulations.

Aside from Bitcoin, blockchain networks such as Ethereum and Solana are constantly evolving and attracting new functionality. Decentralized finance and non-fungible tokens are also in high demand. Meanwhile, speculative investors continue to flock to memecoins such as Dogecoin and Shiba Inu.

According to CoinDesk, Ethereum rose 1.93 percent to a record high of $4,813.29 at 9:06 a.m. UAE time on Tuesday.

  • The National News