Bitcoin Smashes Records, Surpasses $69,000 Mark
The world’s leading cryptocurrency, Bitcoin, has achieved a remarkable milestone by reaching a new all-time high, surpassing the $69,000 mark, Excel Magazine International observes.
This surge eclipses its previous record set in November 2021, a period when Bitcoin’s value had plummeted to $16,500 by 2022.
This recent surge in price has been fueled by significant investments from prominent US financial institutions, injecting billions of dollars into the Bitcoin market.
Carol Alexander, a finance professor at Sussex University, cautioned that while Bitcoin’s price could continue to climb, the volatile nature of cryptocurrency presents risks for investors. She highlighted the historical pattern of price crashes negatively impacting those who invest during speculative bubbles.
The latest price milestone marks another chapter in Bitcoin’s tumultuous journey since its inception in 2009 by the enigmatic figure or group known as Satoshi Nakamoto. Originally conceived as a decentralized alternative to traditional financial systems, Bitcoin’s recent surge in value paradoxically reflects increased interest from institutional investors.
The approval of spot Bitcoin Exchange-Traded Funds (ETFs) by US regulators in January 2024 has facilitated the entry of major investment firms such as Blackrock, Fidelity, and Grayscale into the Bitcoin market. These firms have collectively purchased hundreds of thousands of bitcoins, exerting substantial upward pressure on its value.
Professor Alexander noted that the upcoming “halving” event expected in April could further impact Bitcoin’s value, historically associated with price surges.
Bitcoin briefly peaked at around $69,200 around 15:00 GMT on Tuesday before retracing to trade at approximately $67,000. Over the past month, its value has surged by more than 50%, according to data from cryptocurrency market platform CoinMarketCap.
