Bitcoin surpasses $60,000 mark, approaching record

According to AFP, Bitcoin was trading at around $60,301 at 13:25 GMT (20:25, Vietnam time), approaching its all-time high of $68,991, a milestone reached in November 2021 and which some analysts believe is now within reach.

Since being approved by the US securities regulator on January 10, spot Bitcoin exchange-traded funds (ETFs) have helped expand public access to the digital currency.

Earlier expectations for the US approval of a Bitcoin ETF contributed to the price increase of the coin, which fell largely in late 2022 following the bankruptcy of several digital currency giants.

A surge in investment in Bitcoin spot ETFs has pushed Bitcoin prices up 42% in February, the strongest monthly gain since December 2020. In February, the total value of all Bitcoin in circulation surpassed $2 trillion for the first time in two years, according to cryptocurrency platform CoinGecko.

Traders have also piled into Bitcoin ahead of the Bitcoin halving in April, an event designed to slow the creation of the currency, according to Reuters. In addition, the prospect of a series of interest rate cuts by the US Federal Reserve this year has sent investors looking for higher-yielding or more volatile assets.

On the other hand, the price of Ether, the world's second-largest digital currency, also rose 3.2% to $3,353 on February 28, after hitting a two-year high earlier in the day. In February, Ether prices rose 47%, the biggest monthly gain since July 2022. Some investors are also hoping that US regulators will approve spot Ether ETFs.