On Tuesday afternoon, Bitcoin achieved a new record high, marking a significant year of robust gains.
It peaked at approximately US$68,800, a remarkable recovery from its late 2022 low near US$16,500. Since the start of the year, Bitcoin has experienced a more than 50% rise, with its gains soaring to almost 200% since early 2023.
This surge is largely attributed to the early year approval of spot-Bitcoin exchange-traded funds (ETFs), coupled with the anticipation of April’s halving event, designed to restrict the influx of new digital assets into the market, further fueling investment.
Concurrently, gold, another asset considered a safe haven, sustained its record-breaking performance, trading at around US$2,130 per ounce on Tuesday afternoon.
Russ Mould from AJ Bell noted, “While gold’s rise may not be as dramatic as Bitcoin’s, its consistent gains likely reflect the ongoing global increase in government debt, especially in the USA.”
