Posted 3/5/2024, 8:05:19 PM
Bitcoin Surges to Record High Near $69K, Then Retreats as New ETF Buying Outstrips Supply
- Bitcoin hit an all-time high of nearly $69,000 on Tuesday before falling back below $60,000 within hours
- The price surge is being driven by new spot bitcoin ETFs, which have attracted billions in investments
- The ETFs are purchasing more coins daily than are being created, constraining supply
- Additional supply reductions are expected from government bitcoin seizures and the upcoming bitcoin "halving"
- Some analysts have set ambitious bitcoin price targets of $160k-$180k this year and up to $450k in 2024