Bitcoin Surges To Record Above $69,000

Bitcoin surged to a record as demand from new US exchange-traded funds and a looming reduction in the token's supply growth fuel a breathtaking rebound in the original cryptocurrency. From a report: The largest digital asset rose as much as 2.5% to $69,191.95 as of 10:10 a.m. Tuesday in New York. Bitcoin has climbed about 62% so far in 2024, outperforming global stocks and spreading optimism across the digital-asset market.

In an ironic twist, Bitcoin owes much of its resurgence to a regulator long-viewed as hostile to crypto: the US Securities and Exchange Commission. The SEC approved spot-Bitcoin exchange-traded funds in early January after suffering a legal defeat last year in its attempt to reject them. The move has widened the mass-market accessibility of Bitcoin, helping the crypto sector to turn the page following a bear market in 2022 and a string of subsequent bankruptcies, including the implosion of Sam Bankman-Fried's FTX exchange.

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