Bitcoin has set a new record for value

On March 4, the bitcoin rate rose to $ 65,000, once again updating its annual high.

The last time the flagship cryptocurrency traded over $ 65,000 was in November 2021. The historical maximum price of the first cryptocurrency was reached on November 10, 2021, when bitcoin rose to $ 68,700.

Over the past 30 days, bitcoin has risen in price by more than 50%, and its capitalization has exceeded $ 1.27 trillion. The cryptocurrency market as a whole also continues to grow rapidly. Most of the assets in the top 10 by capitalization rose by 10%-30% over the week.

The demand for bitcoin and the sharp rise in its price were fueled by a strong inflow of funds into US spot exchange-traded funds (ETFs) for bitcoin, whose trading volume exceeded a record $ 7 billion on February 28. A group of spot bitcoin ETFs, including a fund managed by the world’s largest asset manager BlackRock, began trading on January 11 this year.

BlackRock’s bitcoin ETF already has more than $ 10 billion under management. The fund has more than 160,000 bitcoins on its balance sheet. The fund, called iShares Bitcoin Trust, has become the third largest commodity ETF, having managed to outperform the silver ETF. For comparison, the largest gold ETF by assets, SPDR Gold Shares, currently has about $ 54 billion in assets, but it took more than two years from its launch to reach the first $ 10 billion under management. The second-largest bitcoin ETF from Fidelity Investments has more than $ 6.5 billion under management.