Bitcoin Scales $60,000 as ETF Demand Puts Record High in Sight
- Cryptocurrency last traded at this level in November 2021
- Largest digital asset has increased more than 40% this year
At the heart of the rally that is pushing Bitcoin toward a record high is a simple tenet of economics: supply and demand.
Demand for the token from new US exchange-traded funds is outstripping the amount of Bitcoin that long-time holders are willing to sell. That ignited the crypto market and attracted momentum-hungry traders, spurring speculators to close bearish bets as leveraged wagers on more gains multiply.