[NEWS] Bitcoin breaks through $69,000, setting a new record high in dollar terms, but also falls sharply at one point

On the 6th, Japan time, Bitcoin (BTC) surpassed $69,000 (approximately 10.38 million yen), setting a new record high in dollar terms. This is the first time Bitcoin has set a new record high in dollar terms since November 2021.

On the 5th, it exceeded 10 million yen in Japanese yen for the first time, continuing its significant rise. Bitcoin reached a new record high not only in Japanese yen but also in euros.

Due to the rise in Bitcoin, major altcoins, mainly Ethereum (ETH), have also risen in price across the board. In particular, the rise of so-called meme coins such as Dogecoin (DOGE) and Shibainu (SHIB) is noticeable. Shibainu rose by about 95% from the previous day at one point, and recorded an increase of about 320% on a weekly basis.

Also, as of the 5th, Ethereum rose to $3,800 (approximately 570,000 yen) at one point, setting a new record high in Japanese yen terms. With the entire cryptocurrency market in a frenzy, this reflects the anticipation of the realization of an Ethereum spot ETF and the major update Dencun scheduled for the 13th of this month.

After reaching $69,000, Bitcoin also fell sharply to $59,000 (approximately ¥8.85 million). In tandem with this, altcoins have also fallen sharply in price. At the time of writing, Bitcoin is fluctuating around $63,500 (approximately ¥9.53 million).

The cryptocurrency market has been overheating in recent days, and the move to take profits has intensified as Bitcoin has reached its highest price.

Noticeable increase in demand for Bitcoin spot ETF

The rise in Bitcoin's price is thought to be due to continued inflows into Bitcoin spot ETFs, highlighting the rapid increase in demand from institutional investors. In addition, there are many investors who are taking risks, especially in the semiconductor field, and some of these are thought to be flowing into cryptocurrencies such as Bitcoin.

On the other hand, the NY Dow and Nasdaq fell sharply on the 5th due to accelerating selling, especially in tech stocks. As the stock market continued to rise, profit-taking selling accelerated. In addition, the view that Federal Reserve Chairman Powell will take a cautious stance on interest rate cuts during his testimony before both the House and Senate on the 6th and 7th also spurred the situation.
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