Bitcoin (BTC) recently hit an all-time high of $73,500, within a few dollars of its all-time high, and then experienced a slight pullback. After peaking in March, BTC fell as low as $50,000 and hovered in the $60,000-65,000 range for a long time, testing investors' patience during this time. With the recovery since the summer months, Bitcoin, which has returned about 75% since the beginning of the year, has more than doubled in value compared to the same period last year.
While spot-based Bitcoin ETFs approved in the US played an important role in Bitcoin's recent rally, the successful performance of these products, which were approved in January, increased investor interest. In addition, the quantitative easing policies of Western central banks, fiscal stimulus from China and the increasing chances of a crypto-friendly candidate in the US elections were among other factors supporting demand for Bitcoin.
