Bitcoin, peaked to $60,131, which was 6 percent higher to the previous day & was also the highest since November 2021. The cryptocurrency had reached close to the $70,000-mark in 2021.
Mumbai: Bitcoin passed the $60,000 mark on Wednesday, nearly approaching it’s all-time high since 2021. The current rise is seen after the approval of a new type of investment indexed to the cryptocurrency.
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Bitcoin, peaked to $60,131, which was 6 percent higher to the previous day & was also the highest since November 2021. The cryptocurrency had reached close to the $70,000-mark in 2021, reported Money Control.
After the approval given by US securities regulators in January, exchange-traded funds (ETFs) indexed to bitcoin it has enabled a wider public to invest in the cryptocurrency without having to hold it directly. After this decision by US securities regulators the movement in Bitcoin has increased.
After the several curbs and restrictions across the world many crypto giants were fallen by the end of 2022 due to bankruptcy.
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What Led To A Positive Movement In Bitcoin?
Traders invested into bitcoin after April’s halving event which was specifically designed to slow the release of the cryptocurrency. Also the Federal Reserve series of rate cuts also helped in the positive movement of Bitcoin.
The value of all the bitcoin in circulation has topped $2 trillion this month for the first time in two years, according to crypto platform CoinGecko.
What Led Surge In Bitcoin?
Major banks and investment firms have begun offering Bitcoin-related products and services, providing easier access for investors seeking exposure to the digital asset class.
concerns over inflation have led many investors to view Bitcoin as a hedge against fiat currency devaluation.
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Bitcoin’s fixed supply of 21 million coins makes it an attractive alternative for those seeking to preserve their wealth.
Institutions such as Tesla, Square, and MicroStrategy have allocated significant portions of their treasuries to Bitcoin, signaling confidence in its long-term potential as a hedge against inflation and currency devaluation.
