Bitcoin breached $60,000 over the weekend on the back of talks of reduced supplies, according to a report on Yahoo! Finance.

  • The cryptocurrency hit $61,222.22 on Saturday, its highest in nearly a month. It was trading at $59,907 at 0500 GMT on Sunday.
  • The world’s biggest digital coin is up 116% from the year’s low of $27,734 on January 4. It first crossed $60,000 on March 13 to hit a record $61,781.13 after US President Joe Biden signed his $1.9 trillion fiscal stimulus package.
  • An analyst said the rally came as corporates, funds, large and small investors piled into Bitcoin with miners not selling recently minted coins and on-exchange reserves hitting multi-year lows.
  • Prior to Bitcoin’s latest climb, it was idle in the upper 50-thousand dollar levels as investors flocked to stock markets and other cryptocurrencies in the past couple of weeks.
  • Gains this year have been driven by mainstream acceptance as an investment and means of payment. Retail investors have also rushed into stocks, exchange-traded funds, and other risky assets.
  • Major firms BNY Mellon, BlackRock Inc., Mastercard Inc., Tesla Inc., Square Inc., and MicroStrategy Inc. have all backed cryptocurrencies.