By Steve Goldstein
Bitcoin surged past $70,000 on Monday morning, continuing a remarkable run for the cryptocurrency.
Bitcoin (BTCUSD) gained nearly 2% to $70,885. There wasn’t any fundamental news to drive the latest gains, which started near the end of Asian trading and appear before the release of key U.S. inflation data on Tuesday.
Investors in the crypto space say the move more broadly has been fueled by the Securities and Exchange Commission approval of exchange-traded funds based on spot bitcoin, as well as anticipation ahead of the so-called halving event, the roughly once-every-four-year event where the reward for bitcoin mining is cut in half.
Over the last 52 weeks, bitcoin’s 246% gain has been topped by Nvidia stock (NVDA), which has surged 281% over the same time period.
Unlike other assets, there is no underlying pool of profits or income to which bitcoin holders have any right.
-Steve Goldstein
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03-11-24 0349ET
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