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April 15, 2021

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Bitcoin soars to record high US$62,741

Source: Agencies | 00:00 UTC+8 April 15, 2021 | Print Edition

Bitcoin hit a record of US$62,741 on Tuesday, extending its 2021 rally to new heights a day before the listing of Coinbase shares in the United States.

The largest US cryptocurrency exchange’s listing on the Nasdaq yesterday is considered a landmark victory for cryptocurrency advocates.

Bitcoin is the world’s biggest cryptocurrency, with growing mainstream acceptance as an investment and a means of payment. It rose as much as 5 percent on Tuesday. Smaller rival Ethereum also reached a record high of US$2,205.

The overall cryptocurrency market capitalization hit an all-time peak of US$2 trillion earlier this month, according to data and market trackers CoinGecko and Blockfolio.

Major firms, including BNY Mellon, Mastercard Inc and Tesla Inc, are among those to have embraced or invested in cryptocurrencies.

Bitcoin topped US$60,000 early last month, fuelled by Tesla’s move to buy US$1.5 billion of the digital currency for its balance sheet. For the past two weeks, it had traded in a tight range.

“When bitcoin markets create new highs, the price often range-trades and we witness a round of profit-taking,” said James Butterfill of digital asset manager CoinShares.

“During this most recent period, have witnessed a similar profit-taking round, which now looks to have run its course.”

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