Bitcoin soars to highest monthly record since ’20

Bitcoin is on track for its largest monthly gain in over three years, with its value reaching as high as $63,933, Reuters reported on Thursday.

The cryptocurrency’s monthly gain is over 44 per cent, the highest since December 2020. The momentum suggests a potential break of $69,000, which would set a new record high.

The launch of Bitcoin exchange-traded funds in the US this year has attracted new investors and revived interest in the asset.

Data from LSEG shows that the 10 largest Bitcoin ETFs received $420 million in a single day. Additionally, anticipation of the Federal Reserve’s rate cuts this year has increased investor interest in higher-yielding or more volatile assets.

As a result, foreign exchange volatility has dropped to two-year lows, and the US equity volatility index is returning to pre-pandemic levels.