The price of bitcoin hit an all-time high of about $68,800 Tuesday, surpassing the previous record reached in November 2021. The cryptocurrency has gained approximately 50% in 2024, and has recovered more than 300% since hitting a post-pandemic low of about $16,500 in December 2022. The latest rally is being fueled by hopes that the launch of bitcoin exchange-traded funds, or ETFs, will expand the pool of bitcoin buyers. The Securities and Exchange Commission approved ETFs in January to make it easier for investors to gain exposure to the price movements of bitcoin as part of diversified portfolios without having to go through the sometimes-onerous process of owning the digital coins themselves. The ETFs have collectively already attracted billions of dollars of investments. The cryptocurrency world is also banking on a price rally coming after a technical event known as ‘halving’ occurs in April. That causes the rate of supply…
