Bitcoin Tops $63,000

Bitcoin , Tops $63,000.

On Feb.

29, bitcoin advanced more than 5% to $63,252.82, CNBC reports.

The day before, the cryptocurrency reached $64,000 and then dropped back to $60,000.

For the month of February, bitcoin is currently up 47%.

The figure represents a sixth consecutive month of gains.

The last time that the currency had a similar showing was in December 2020, at which time it rose 49.5%.

On Feb.

28, bitcoin ETFs had "a record $677 million in daily net inflows," CNBC reports.

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We’ve seen over $2 billion coming into the various bitcoin ETFs so there’s been this need to access more supply of bitcoin to build these ETFs and that ends up driving prices up particularly in the near term.

, Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, via CNBC.

The second reason why you might be getting some extra momentum in the price over the last couple of days is the upcoming halving, Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, via CNBC.

Historically the halving has led to bitcoin prices increasing … past performance is not indicative of future performance, but I do think there’s this belief that the halving process will result in the same level of price appreciation, Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, via CNBC.

Bitcoin's next "halving" is scheduled for this April