Bitcoin has reached a high of $73,544 on Tuesday. Although it just missed setting a new record in U.S. dollars, it’s still a huge milestone. Year-to-date, Bitcoin has gained nearly 75%, more than doubling from where it stood a year ago. This climb puts it only about $300 short of its all-time high of $73,798, achieved over seven months back in March. At time of writing, Bitcoin is changing hands at $72,420.
So, what’s fueling this upswing? Several catalysts are in play here. For starters, the success of spot Bitcoin ETFs, adding close to another $500 million on Monday, has added substantial momentum to the market, drawing in more investors and sparking renewed interest. Additionally, monetary easing cycles have started rolling out in major economies. China, for instance, is close to moving forward with a $1.4 trillion fiscal package, injecting funds that can create a ripple effect across global markets. On top of this, there’s rising optimism surrounding a Donald Trump U.S. election win, which could set the stage for more mainstream acceptance and favorable regulatory frameworks.
A European Silver Lining
While the new high in dollars is still within reach, Bitcoin did hit an all-time high in euros on Tuesday. It briefly touched €67,525, surpassing its previous peak of €67,450 set back in March, highlighting the global strength of Bitcoin, even when certain price targets in other currencies remain just shy of breaking through.
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