hit all-time highs last week as the price for the largest cryptocurrency continues to trade around record levels.
Bitcoin’s upcoming halving in April, which will cut miner rewards in half and decrease the coin’s supply growth, has also encouraged wagers on rising prices. The world’s most valuable cryptocurrency has been boosted by the flood of cash into new spot ETFs and hopes that the US Federal Reserve will soon cut interest rates.
Flows of capital into the 10 largest US spot bitcoin ETFs slowed to a two-week low in the week to 8 March, but still reached almost $2-billion, LSEG data showed. Since bitcoin has less than two decades as a financial asset, predicting its price trajectory remains extremely challenging. Just months after retail exuberance helped drive bitcoin to its previous record in November 2021 the cryptocurrency crashed, taking half the crypto industry with it.