On Tuesday, bitcoin and ether reached record highs in trading in Asia, with enthusiasm for the adoption of cryptocurrency and concerns about inflation, which is accelerating growth and pouring into the asset class.
Bitcoin rose $ 68,564 in Asian afternoon trading, and ether, the second-largest cryptocurrency at market value, had previously reached $ 4,825.
Both have more than doubled since June and added almost 70% against the dollar since early October.
“We feel the market has changed,” said Matthew Dibb, chief operating officer of Singapore’s crypto asset manager Stack Funds, pointing to a sharp rise in demand from large investors and even pension funds.
The momentum of the market has been gaining since the launch of the bitcoin futures exchange fund last month, and the United States has raised expectations of profits through flows.
Other positive news has also helped, including plans by Grayscale, the world’s largest digital currency manager, to turn its flagship bitcoin trust (GBTC.PK) into a bitcoin spot trading exchange. Last week, Grayscale also applied for inclusion in the Future Finance Fund, which will track companies involved in the growing digital economy.