Bitcoin price surges past $69,000 to new all-time high
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Authored by Joe Tidy and Liv McMahon Original text: This week, Your News explores the subject of deepfakes. These are videos made using artificial intelligence that can make people say or do things they never have. It's been described as an explosion in technology that could change the face of disinformation and propaganda forever. But how is it used and how can it be stopped? Rewritten text: In the latest edition of Your News, deepfakes are the topic of interest. These videos are generated through the use of artificial intelligence and can manipulate individuals into appearing as though they said or did something they never actually did. This development has been characterized as a technological breakthrough that has the potential to permanently alter disinformation and propaganda strategies. However, what are the ways this technology is being employed and what can be done to counteract it?
Technology Journalist & Cyber Correspondent
The value of the biggest cryptocurrency worldwide, Bitcoin, has surged to a fresh record peak of over $69,000.
The current record for Bitcoin's value has exceeded its previous high set in November of last year. However, in contrast, by 2022, Bitcoin's price had fallen drastically to $16,500.
The recent increase in value is a result of major American financial corporations investing billions of dollars into the acquisition of bitcoins.
According to Carol Alexander of Sussex University, the cost of cryptocurrency has the potential to increase even further, although she cautioned that it is known to be highly unpredictable.
In the past, it has been common for the decrease in Bitcoin's value to happen right when regular investors enter the market during a surge, resulting in them experiencing losses, expressed to the BBC by an individual.
The latest achievement is yet another significant event in the rollercoaster-like past of Bitcoin.
Someone or a group of people who named themselves Satoshi Nakamoto created it in 2009 - their real identity is still unknown.
Originally designed to generate revenue online, this concept originated from a mindset that promoted independence from the conventional authority of financial institutions and governmental bodies.
Nonetheless, the reason for its latest record-breaking value is due to the fact that large, well-known companies have invested billions of dollars in obtaining it.
This became achievable as a result of the approval of various Bitcoin Exchange-Traded Funds (ETFs) by US regulators in January 2024, despite some reluctance on their part.
This enabled major investment companies such as Blackrock, Fidelity, and Grayscale to offer merchandise that is related to the value of Bitcoin.
Together, they have purchased numerous bitcoins, causing a swift increase in their worth.
Alexander, a professor, informed the BBC that these participants are enticing large investors to invest in Bitcoin, resulting in a significant increase in the value of the cryptocurrency.
She included that Bitcoin's "halving" function, slated for April, may also impact the value of the digital currency.
She stated that price increases have been observed during previous occurrences of these events.
The value of Bitcoin experienced a spike, reaching approximately $69,200 around 3:00 PM GMT on Tuesday. However, it later declined and settled at approximately $67,000.
According to CoinMarketCap, the cryptocurrency market data platform, its worth has gone up by over 50% within the past month.
A lot of people who possess Bitcoin are likely to rejoice as the value of their assets has considerably increased.
However, looking back at the past indicates that they must brace themselves for a potential alteration.
Bitcoin experienced a significant drop in its worth in June 2022, falling to around $20,000 within the span of 18 months. This decline was attributed to investors' efforts to distance themselves from high-risk investments given the pessimistic state of the global economy.
The value of the digital currency went down even more towards the end of that year, after FTX, a massive exchange for cryptocurrencies that was established by Sam Bankman-Fried, also known as the "ruler of the crypto world", suffered bankruptcy and went out of business in November 2022.
The fluctuations of this particular thing went up and down repeatedly throughout the year 2023, but it did eventually recover and end up being sold for over $40,000 at the end of the year.
Not only corporations and individuals investing their money have been closely monitoring these changes.
The leader of El Salvador, Nayib Bukele, has welcomed the use of cryptocurrency in Central America.
The leader of a developing country who is a big supporter of Bitcoin has used over $100 million of public funds to purchase almost 3000 bitcoins during recent years.
The worth of his investment has increased by approximately 60% from the original purchase price. However, there is no information available to the public regarding the details.
