Bitcoin tested above $64,000 again

Bitcoin tested the $64,000 level again early this morning. Bitcoin rose for the second day in a row, approaching a new all-time high, driven by expectations of strong demand from exchange-traded funds at the beginning of the week. Bitcoin rose above $64,000 for the first time since November 2021 to $64,279 before falling to $63,622 as of 09:20 Singapore time. This rise is driven by seemingly insatiable demand for the largest crypto token, the US-listed Bitcoin ETF, which began trading on January 11. Bitcoin is up about 186% in the past 12 months. “Given the low liquidity over the weekend, markets are moving north on the expectation that ETF inflows tonight will continue and prices will continue to rise,” said Hayden Hughes, co-founder of social trading platform Alpha Impact. Since the launch of U.S. Bitcoin ETFs, offered by a group of funds including BlackRock and Fidelity Investments, net investment has been made of $7.35 billion. Investors are betting that the price will soon surpass the record of around $69,000 reached during the Covid pandemic, given the strong demand for the ETFs and fears of missing out ahead of the Bitcoin halving expected later this year.