After a period of drops and consolidation since mid-February, bitcoin has found its mojo again and soared to new all-time highs.
- In a move starting just after 10 a.m. UTC Saturday, the top cryptocurrency by market cap crossed $60,000 for the first time and hours later crossed $61,000 to set an all-time high of $61,556.59, according to the CoinDesk 20. In recent trading, bitcoin was at $61,119.51, up 7.47% in the last 24 hours.
- "Institutional investment continues to build momentum with Chinese internet firm Meitu the latest to execute a bitcoin treasury strategy, " according to Jehan Chu, co-founder and managing partner of Kenetic, a Hong Kong-based trading firm.
- "Further, Beeple's $69 milllion [non-fungible token] record demonstrates the true power of crypto, adding curiosity and fuel to the retail fire. Expect volatility but a landing of $100K levels by Q3," he said.
- The move passed the previous record of around $58,330 set on Feb. 21.
- After that, bitcoin had fell to as low as $43,000 amid uncertainty in the traditional markets over stimulus expectations and their affects on U.S. bond yields.
- Both stocks and cryptocurrencies across the board saw losses and sideways trading for several weeks, before rising again in the last eight days.
- The new high comes two days after U.S. President Joe Biden signed a massive $1.9 trillion stimulus program into law that sends checks for $1,400 to many U.S. citizens. According to various media accounts, people have started receiving the checks, which could be another factor in bitcoin's rise.
- U.S. Treasury yields have climbed back to over 12-month highs in the wake of the fresh stimulus. This time, however, bitcoin is showing resilience, contrary to the last week of February when prices fell by 20% amid rising yields.
- Bitcoin's quick rise caused the liquidation of over $100 million in short positions in a matter of minutes, according to a tweet from Glassnode co-founder and chief technology officer, Rafael Schultze-Kraft.
- The move to $61,000 brought bitcoin's market cap to $1.14 trillion – not far below the $1.385 trillion value of Google's parent company, Alphabet, according to CompaniesMarketCap.com.
UPDATE (March 13, 11:47 UTC): Added latest price after move over $60,000.
UPDATE (March 13, 20:28 UTC): Added latest price after move over $61,000.