Bitcoin Reaches $64K—Highest Record Since 2021, Thanks To Spot BTC ETF Approval

By Giuliano De Leon

Mar 04, 2024 08:20 AM EST

On Monday, Mar. 4, Bitcoin reached its highest record since 2021. The $64,000 record is 2% firmer than when Bitcoin was at $63,850 in the last session.

Specifically, the cryptocurrency reached $64,285 early on Mar. 4. Digital coin experts said that Bitcoin's market valuation gained 50% in 2024. 

(Photo : Dan Kitwood/Getty Images)
In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is seen on January 09, 2024 in London, England. Bitcoin investors are expecting the U.S. Securities And Exchange Commission (SEC) to issue a decision soon on whether to grant Bitcoin "exchange-traded fund" (ETF) approval.

They added that most of its gains during the last few weeks were from the spot BTC ETF (exchange-traded funds).

Bitcoin Reaches $64K-Breaking Its Highest Record Since 2021

According to Reuters' latest report, the new record of Bitcoin happened after the U.S. government approved the spot BTC ETF in 2024.

Thanks to the government's approval, the spot BTC ETF become the new way for large investors. Aside from this, it also re-ignited enthusiasm and momentum reminiscent of its record in 2021, which was $68,999.99.

"The flows are not drying up as investors feel more confident the higher price appears to go," said Singapore-based 10x Research's Head of Research Markus Thielen.

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What is Spot BTC ETF

Investopedia explained that the spot BTC exchange-traded fund is an investment mode that exposes ordinary investors to Bitcoin price moves in their brokerage accounts.

The arrival of the BTC ETF is a big deal because it offers a regulated and accessible way for mainstream investors to put their money in digital currency.

Related Article: Bitcoin Crosses $1 Trillion Market Value Again After Its Price Jumped 22% to $52,005

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