Bitcoin (BTC) neared a new record in a dramatic trading session on Tuesday, surging above $73,000 before retreating from a near-historic moment. The cryptocurrency hit an all-time high of $73,562, $175 below its March record of $73,737, in what traders say is one of the most notable price movements of the year.
The digital currency's rally that began late Monday surpassed the $70,000 mark for the first time, drawing the attention of investors and market analysts. Bitcoin has soared to a five-month high, reaching unprecedented resilience in the crypto market just one week before the US presidential election.
Curiously, the crypto community took this near miss fairly quietly, with social media platforms being noticeably silent. The more subdued reaction likely reflects market maturation, with investors potentially becoming accustomed to Bitcoin's high trading range since its March rally.
In fact, the recent surge has coincided with increased institutional interest, particularly through the launch of a Bitcoin ETF in January. According to CoinShares, nearly $1 billion in new investments have flowed into Bitcoin-related funds in the last week alone, demonstrating strong institutional confidence in the future of the leading cryptocurrency.
Bitcoin's recent performance has drawn unexpected attention to the upcoming US presidential election, with crypto advocate Trump leading prediction markets. After rising to $73,000, BTC retreated slightly to settle at $72,261, up 3.40% in the past 24 hours.
