Bitcoin breaks records in rapid rise

Bitcoin and Ether saw significant rallies, with Bitcoin reaching a session high of $67,645 and Ether surging by 9.8 per cent, Reuters reported on Wednesday.

This crypto frenzy is driven by investors investing in US spot exchange-traded crypto products and the anticipation of falling global interest rates.

Billions have flowed into ETFs recently, further supported by an outlook that includes an Ethereum upgrade and Bitcoin halving.

The approval of 11-spot Bitcoin ETFs by the US Securities and Exchange Commission marked a significant moment for the industry. Even institutional investors, who previously avoided crypto due to its volatility, are now investing long-term.

This shift has also benefited other digital tokens, particularly Ether, which has risen more than 60 per cent since the start of the year.

However, the speculative nature of these assets remains a concern. After reaching a record high, Bitcoin fell more than 10 per cent, demonstrating its typical volatile behavior. Deutsche Bank strategist Jim Reid noted that Bitcoin is still below its all-time high in real, inflation-adjusted terms.