Bitcoin hits $60,000 as rally snowballs

FILE PHOTO: Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON (Reuters) -Bitcoin hit $60,000 on Wednesday for the first time in more than two years, as a surge of capital into new U.S. spot bitcoin exchange-traded products fuelled a rally that has reached 42% this month, on track for its largest monthly gain since December 2020.

Bitcoin was last up 8% at $61,272, its highest since November 2021, when it hit a record just below $70,000. It was also heading for its largest weekly gain in a year, up 18.5% since Feb. 21.