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Bitcoin surged to a new all-time high of $122,962 on Wednesday, coming within reach of its record price of $122,838 set just a month earlier on July 14, as per Coingecko.
The world's largest cryptocurrency gained 2.19% in the past 24 hours, although it traded down to an intraday low of $118,939.63.
Bitcoin’s market cap has surged back toward record levels, hitting around $2.39 trillion as prices climbed past $122,000, as per onchain platform Glassnode.
The $122,962 price was reached after a period of heightened volatility during Wednesday's trading session and a precipitous drop early in the day, before rebounding sharply as news dominated the evening.
U.S. spot Bitcoin ETFs saw an aggregate total daily net inflow volume of $65.95 million on August 12, as per SoSoValue. BlackRock's IBIT saw a net inflow of $111.44 million, leading the pack with a cumulative total net inflow to date of $58.04 billion.
Grayscale's GBTC and Ark's ARKB saw the highest daily net outflows of $21.63 million and $23.86 million, respectively. Total net assets under management across all U.S. Bitcoin ETFs are $155.02 billion, or 6.48% of Bitcoin's total market cap.
Fred Krueger, Wall Street veteran and mathematician, noted on X that Bitcoin hitting a new all-time high would be different. He says, "Bitcoin will fly", highlighting that unlike past rate cuts triggered by economic weakness, the current scenario stems from a funding problem driven by high debt and political urgency ahead of midterms.
Another analyst called Crypto Seth noted that many are shorting Bitcoin, with important liquidation levels around $123,000, and tomorrow's PPI news would likely move the market.
This article has been published in thestreet.com via Yahoo News.
