Bitcoin has topped $60,000 for the first time as the stimulus-fueled rally of the past year prompts investors to ignore signs of speculative fervour.
The original bitcoin was trading at $61,080 as of 5:35 p.m, March 15th, New York time, bouncing back at the end of February following a previous peak set that month. After President Joe Biden signed the $1.9 trillion pandemic-relief bill into law, it’s benefiting from optimism in financial markets.
After ending last year with a fourth-quarter surge of 170% to around $29,000, the company jumped to $40,000 seven days later. Bitcoin traded for a few cents for several years after its debut more than a decade ago.
“Bitcoin’s resilience is proving to be the stuff of legend,” said Antoni Trenchev, Managing Partner and Co-Founder of Nexo in London, a crypto lender. “Every correction is an opportunity to reset and restart the move upwards.”