Bitcoin soars above $65,000 and reaches a record high

On Monday, Bitcoin surged to a two-year high, surpassing $65,000, as a surge of capital brought it extremely close to record highs.

The price, which had already reached a record two-year high in Asian trade, reached a session high of $65,537 early in Europe. At $65,045, it was up 4% as of late. In November 2021, Bitcoin reached a record high of $68,999.99.

This year, the largest cryptocurrency by market value has increased by 50%, with the majority of the gain occurring in the last few weeks due to a spike in inflows into U.S.-listed bitcoin funds.

Earlier this year, US authorities legalized spot bitcoin exchange-traded funds. Their introduction provided access for new major investors and has sparked renewed energy and enthusiasm, similar to the surge to all-time highs in 2021.

According to LSEG data, net flows into the top 10 U.S. spot bitcoin funds were $2.17 billion in the week ending March 1. BlackRock's iShares Bitcoin Trust received over half of this amount.

Rival, a smaller ether, has benefited from the conjecture that exchange-traded funds may soon be the source of inflows for it as well. With a 50% increase so far this year, it was trading near two-year highs on Monday, up 2.6% for the day at $3,518.

Along with record lows on stock indexes, including the tech-heavy Nasdaq and Japan's Nikkei, the S&P 500, and volatility measures in foreign exchange and equities, the rally has coincided with these developments.