Bitcoin (BTC) crossed $65,000 in European morning hours on Monday, inching closer to a lifetime peak of $69,000 set November 2021 as the value of bullish bets rose to a record. The largest cryptocurrency has added over 6% in the past 24 hours, while the CD20, a broad-based liquid index of various tokens, rose 5.6%. Bitcoin is now just 5% away from its record in U.S. dollar terms. It’s already crossed peak prices against several major and emerging-market currencies in the past week. Further gains may be in the offing, signs from the futures market indicate. Open interest, or the number of unsettled futures bets, rose to an all-time high of $27 billion, data from Coinglass show. Rising interest is a sign of new money entering the market. Market capitalization also reached a record $2.8 trillion, crossing the $2.7 trillion level set in November 2021, data from multiple sources show.

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Author: Lyllah Ledesma, Omkar Godbole

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