Bitcoin surges to a new record high as mainstream money flows into crypto

By Allison Morrow, CNN

Updated 9:06 PM EST, Mon March 4, 2024

Physical imitation of Bitcoins are pictured at a cryptocurrency exchange branch near the Grand Bazaar in Istanbul.

New YorkCNN —

Bitcoin surged to its all-time high on Monday, shaking off a more than two-year rut that put the future of the entire crypto ecosystem in question.

Bitcoin, the world’s first and by-far largest digital currency, was trading at $68,791, topping the previous record of $68,789 reached on November 10, 2021.

Over the past several months, bitcoin’s rally has been turbocharged by US regulators’ approval of exchange-traded funds pegged to the digital asset, which created an on-ramp for more traditional investors to incorporate bitcoin into their portfolios.

That approval took years of lobbying by crypto firms, and was granted only grudgingly by the Securities and Exchange Commission after a court ruled the regulator’s reasons for rejecting bitcoin ETF applications were “arbitrary and capricious.”

The first 11 “spot” bitcoin ETFs — which track the real-time market price of the asset — launched in January.

After just a month, the ETFs had spurred more than $4.2 billion in net new flows, according to Bloomberg.

ETFs are investment tools that track a basket of assets but trade like a stock. Part of the appeal of a bitcoin ETF is that investors can get exposure to bitcoin through their usual brokerage firm, rather than having to set up a digital wallet through a cryptocurrency exchange.

Bitcoin is a bellwether for the broader $2 trillion crypto industry, whose reputation has been pummeled by a series of negative headline-making events: high-profile bankruptcies of exchanges and lenders, volatile price swings and the prosecution of Sam Bankman-Fried, a onetime crypto celebrity who was convicted in November of stealing billions of dollars from customers on his FTX exchange, which collapsed in late 2022.

Bitcoin, which accounts for more than half of all cryptos in circulation, is up more than 200% over the past 12 months, according to CoinMarketCap.

The bitcoin rally has also been fueled by the crypto faithful, who are anticipating even more gains this spring following an event known as the “halving.” Roughly every four years, the number of bitcoin entering circulation gets cut in half — a built-in feature of the cryptocurrency, which is finite by design. As bitcoin approaches scarcity, the value is expected to rise.

Bitcoin surges to a new record high as mainstream money flows into crypto

随着主流资金进入加密货币，比特币飙升至历史新高

Bitcoin surged to its all-time high on Monday, shaking off a more than two-year rut that put the future of the entire crypto ecosystem in question.

比特币于周一大涨至历史最高点，摆脱了持续两年多，让整个加密货币生态圈备受质疑的低迷。

Bitcoin, the world’s first and by-far largest digital currency, was trading at $68,791, topping the previous record of $68,789 reached on November 10, 2021.

比特币是世界上第一种也是目前为止最大的数字货币，交易价格达到了68791美元，超过了2021年11月10日创下的68789美元的记录。

Over the past several months, bitcoin’s rally has been turbocharged by US regulators’ approval of exchange-traded funds pegged to the digital asset, which created an on-ramp for more traditional investors to incorporate bitcoin into their portfolios.

在过去的几个月里，美国监管机构批准与数字资产挂钩的交易所交易基金，推动了比特币的上涨，这为更传统的投资者将比特币纳入其投资组合创造了机会。

That approval took years of lobbying by crypto firms, and was granted only grudgingly by the Securities and Exchange Commission after a court ruled the regulator’s reasons for rejecting bitcoin ETF applications were “arbitrary and capricious.”

这也是加密货币公司经过了多年的游说，在法院裁定监管机构驳回比特币ETF申请的理由“武断且任性”后，美国证券交易委员会才勉强进行了批准。

The first 11 “spot” bitcoin ETFs — which track the real-time market price of the asset — launched in January.

第一批11只追踪资产实时市场价格的比特币ETF于1月推出。

After just a month, the ETFs had spurred more than $4.2 billion in net new flows, according to Bloomberg.

据Bloomberg报道，仅仅一个月，ETF就刺激了超过42亿美元的净新增资金。

ETFs are investment tools that track a basket of assets but trade like a stock. Part of the appeal of a bitcoin ETF is that investors can get exposure to bitcoin through their usual brokerage firm, rather than having to set up a digital wallet through a cryptocurrency exchange.

ETF是一种跟踪一篮子资产但可以像股票一样交易的投资工具。比特币ETF的部分吸引力在于，投资者可以通过他们平时的经纪公司接触比特币，而不需要通过加密货币交易所来建立数字钱包。

Bitcoin is a bellwether for the broader $2 trillion crypto industry, whose reputation has been pummeled by a series of negative headline-making events: high-profile bankruptcies of exchanges and lenders, volatile price swings and the prosecution of Sam Bankman-Fried, a onetime crypto celebrity who was convicted in November of stealing billions of dollars from customers on his FTX exchange, which collapsed in late 2022.

比特币是这个价值2万亿美元的加密货币行业的领头羊，该行业的声誉此前受到了一系列负面头条事件的打击：交易所和贷款人的破产，价格的剧烈波动，以及加密货币名人Sam Bankman Fried被起诉，Sam Bankman Fried在11月因在其FTX交易所从客户那里窃取数十亿美元而被定罪，FTX交易所于2022年末倒闭。

Bitcoin, which accounts for more than half of all cryptos in circulation, is up more than 200% over the past 12 months, according to CoinMarketCap.

根据CoinMarketCap的数据，比特币占处于流通的所有加密货币的一半以上，在过去12个月里上涨了200%以上。

The bitcoin rally has also been fueled by the crypto faithful, who are anticipating even more gains this spring following an event known as the “halving.” Roughly every four years, the number of bitcoin entering circulation gets cut in half — a built-in feature of the cryptocurrency, which is finite by design. As bitcoin approaches scarcity, the value is expected to rise.

加密货币的狂热者也推动了比特币的上涨，他们预期由于比特币知名的“减半”性质，在今年春天会继续上涨。大约每四年进入流通的比特币就会减半，这是加密货币固有的特性，在设计的时候就是有限的。随着比特币越来越稀少，其价格预期会进一步上涨。