Bitcoin price today: World’s largest cryptocurrency surpasses $60,000

Bitcoin price today rises above $60,000 for the first time in two years
An undated image of Bitcoin. — Freepik
An undated image of Bitcoin. — Freepik

Staging a massive recovery, the world’s largest cryptocurrency — bitcoin — topped $60,000 on Wednesday for the first time since 2021 on new inflows.

Bitcoin price today rose around 6% to trade over $60,400. It should be noted that it is the first time the world's largest cryptocurrency has been trading above $60,000 since November 17, 2021.

Forbes, citing BitMEX Research, reported that new capital of around $6.7 billion flowed into spot bitcoin ETFs in their first six weeks of existence.

More than $1 billion of inflows came Monday and Tuesday, a majority of which went to funds managed by legacy firms BlackRock and Fidelity.

Bitcoin prices are now up more than 30% since US regulators approved spot bitcoin exchange-traded funds (ETFs), allowing investors easier direct exposure to bitcoin, far outpacing major stock indexes.

"Bitcoin is being driven by the support of consistent inflows into the new spot ETFs and outlook for April's halving event and June's Fed interest rate cuts," Global markets strategist at retail investment platform eToro Ben Laidler told Reuters.