Bitcoin Surges Past $68,000, In Sight of Record High

Bitcoin was perched at a two-year peak on Tuesday, breaking above $68,600 and stalking the all-time high as money keeps rushing into the largest cryptocurrency by market value. Net flows into the 10 largest U.S. spot bitcoin funds reached $2.17 billion in the week to March 1, with more than half of that going into BlackRock’s iShares Bitcoin Trust, according to LSEG data. “The appetite to gain exposure to Bitcoin is reaching insatiable levels,” said Tony Sycamore, a market analyst at IG. “While Bitcoin overbought in the short term, the move is far from done, and dips will be well supported with a move towards $80,000 not out of the question.” The rally has come in tandem with records tumbling on stock indexes from Japan’s Nikkei to the S&P 500 and tech-heavy Nasdaq and with volatility gauges in equities and foreign exchange turning lower.