"Uncovering the Reasons Behind Bitcoin's Near-Record Price Surge"

Bitcoin is nearing its all-time high, reaching $67,310 and attracting increased demand due to the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). These ETFs allow investors to gain direct exposure to bitcoin without holding it, and have seen significant inflows of cash, with approximately $7.35 billion deposited into 11 different funds. The surge in bitcoin's price began in 2023 and is attributed to factors such as anticipation of SEC approval, Fed rate cuts, and the upcoming halving event. Despite the surge, bitcoin remains volatile, but its resurgence is positive news for crypto investors following the collapse of FTX and other exchanges in 2022.