How did bitcoin achieve a record this year?

Bitcoin has achieved records this year thanks to two catalysts: January's spot ETF approval, and the recent halving event. The red-hot crypto was up more than 60% year-to-date on Friday, trading about 6% off all-time highs reached in March.

What happened to bitcoin?

Unlike the previous cycle, the largest cryptocurrency by market value almost instantly fell back as bearish traders wrangled for control. Bitcoin dropped 3.2% in 30 minutes and at press time was trading at $66,100. The CoinDesk 20 Index, a measure of the broader crypto market, lost 1.8% in the hour after BTC hit its high.

Why did Bitcoin (BTC) rise so much in 2021?

Bitcoin (BTC) rose to a record $69,325, topping its previous peak set in November 2021, on a flurry of volatility buoyed by demand from spot exchange-traded funds (ETFs) in the U.S. Unlike the previous cycle, the largest cryptocurrency by market value almost instantly fell back as bearish traders wrangled for control.