The roller coaster of bitcoin continues, this time with a high: The cryptocurrency reached a record-high price of $69,000 on Tuesday, reports the Wall Street Journal. The outlet cites Dow Jones Market Data, but the high mark differs slightly depending on the outlet. The New York Times, for example, cites a slightly lower record of $68,800. Regardless of the specifics, bitcoin is indisputably booming in record territory.
- Big rebound: It's a "remarkable comeback" given that the price crashed below $20,000 in the aftermath of the FTX collapse in 2022, per the Times. The price is up 300% since then, and it's up from $40,000 at the end of last year. The rally has defied analyst expectations, according to the Journal.
- Two factors: A report at CNBC cites two main factors: the SEC's recent approval of investment vehicles known as bitcoin "spot" ETFs, which have given crypto more mainstream credibility, and an upcoming bitcoin "halving." CoinDesk, meanwhile, cites a "continuing massive wave of buying" of those spot ETFs as the most important catalyst. Essentially, they allow ordinary investors to buy bitcoin through brokerage accounts instead of riskier cryptocurrency exchanges.