Bitcoin is scripting a new chapter in crypto history. On March 5, Bitcoin briefly touched $69,005, surpassing its previous all-time high set nearly three years ago. This milestone marks a pivotal moment in the current bull cycle, fueled by institutional adoption, regulatory clarity, and the launch of spot ETFs. Below, we unpack the major events that shaped Bitcoin’s journey back to $69,000.
The 2021 Bull Run: A Dollar-Liquidity Boom
The 2020–2021 crypto boom was driven by unprecedented monetary easing. In response to COVID-19, the U.S. Federal Reserve slashed interest rates to near-zero and injected $4.8 trillion into markets via quantitative easing. This liquidity flooded into risk assets, including Bitcoin, which rallied **300% in 2020** and peaked at **$69,000 in November 2021**.
Key catalysts included:
- Coinbase’s NASDAQ debut (April 2021, $86B valuation)
- Institutional interest from Tesla, MicroStrategy, and hedge funds
However, the party ended when inflation spiked, prompting Fed rate hikes in 2022.
The 2022 Crypto Winter: LUNA Collapse & Domino Effect
May 2022 saw the implosion of Terra’s ecosystem, triggering a market-wide meltdown:
- UST depeg: Algorithmic stablecoin UST lost its $1 parity after $840M in sell-offs.
- LUNA’s death spiral: The token’s market cap evaporated from $40B to near-zero.
- Contagion: Celsius Network froze withdrawals; Three Arrows Capital (3AC) defaulted.
"This was crypto’s Lehman moment—a liquidity crisis compounded by macro headwinds."
👉 Read more about Terra’s collapse
FTX’s Downfall: The Black Swan Event
By November 2022, FTX—the second-largest exchange—collapsed overnight due to:
- Alameda Research’s insolvency: Its balance sheet revealed overexposure to FTT (FTX’s token).
- Customer fund misuse: FTX couldn’t process $6B in withdrawal requests.
The fallout:
- Bitcoin dropped to $16,000, erasing 75% of its value.
- Regulatory scrutiny intensified, targeting Binance and other CEXs.
Binance’s $4.3B Settlement: Turning the Page
In November 2023, Binance resolved its years-long legal battle with U.S. agencies:
- Penalty: $4.3B (largest in crypto history).
- Leadership change: CZ stepped down as CEO; Richard Teng took over.
The takeaway:
"Regulatory uncertainty lifted—a green light for institutional capital."
Bitcoin ETFs: Wall Street’s Stamp of Approval
The January 2024 approval of spot Bitcoin ETFs unlocked mainstream capital inflows:
- $400B+ AUM within weeks (BlackRock, Fidelity).
- Price surge: BTC rallied from $25K to $69K, backed by $24B daily ETF volumes.
"Bitcoin is now a macro asset—competing with gold."
FAQ: What’s Next for Bitcoin?
1. How high can BTC go this cycle?
Analysts project $125,000 by 2025, citing ETF demand and halving dynamics.
2. Risks ahead?
Only a Satoshi wallet hack could derail the bull market.
3. Is Ethereum next?
ETH spot ETFs may follow, but BTC remains the institutional favorite.
Conclusion: A New Era for Bitcoin
From $69K to $16K and back, Bitcoin’s resilience underscores its store-of-value thesis. With ETFs acting as a liquidity funnel and miners hodling stronger than ever, $100K seems inevitable. Stay tuned—this cycle is just heating up.
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