Bitcoin rises above $69,000 in new record high
On Tuesday, the value of Bitcoin skyrocketed to an all-time high, surpassing $69,000.
Bitcoin has reached a new record high, surpassing its previous peak in November 2021. This achievement is the result of a prolonged surge that has caused its worth to rise by 190% in the past 12 months.
CoinDesk, a website that covers news related to cryptocurrencies, reported that Bitcoin had previously reached a record high of $68,990.90.
The value of cryptocurrency has hit a new high, bouncing back impressively in spite of numerous instances of bankruptcy, deceitful acts, and market collapse in recent years. The increase in cryptocurrency prices is a general trend, with other currencies like ethereum also experiencing a surge.
The recent increase in trading activity for bitcoin ETFs is happening at the same time as the Securities and Exchange Commission gave the green light to several new exchange-traded funds that reflect the value of bitcoin earlier in the year. Top financial firms like Fidelity and BlackRock are among the providers of some of these ETFs, which have been praised by supporters of cryptocurrencies as a symbol of credibility and endurance. Trading activity for these ETFs has surged this week in tandem with a rise in the value of bitcoin.
Bitcoin is getting closer to a significant event called the "halving". This occurs every four years and aims to limit the number of bitcoins available for trading by reducing the rewards for miners. As a result, people tend to speculate more about this cryptocurrency and investors are more active during halvings.
Bitcoin has had a very unstable past, and the collapse of a big crypto exchange called FTX in late 2022 due to the CEO Sam Bankman-Fried committing fraud worth billions of dollars brought more attention to the industry. Bankman-Fried, who was once the most recognizable person in the crypto field in the US, may face up to 110 years in prison for his offenses during his trial in March. Additionally, people are becoming more worried about the negative impact that cryptocurrencies may have on the environment. Recently, regulators from the US Department of Energy and the crypto industry have been in conflict regarding the investigation of its extensive energy consumption.
Over the past year, despite the many scandals and investigations around various other cryptocurrencies, Bitcoin has managed to maintain its worth. This is largely due to the fact that major investors have been purchasing a large number of tokens worth tens of millions of dollars.
