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Bitcoin price tops $60,000 for first time since 2021

Bitcoin price tops $60,000 for first time since 2021

For the first time in over two years, the price of bitcoin has over $60,000, and a recent explosive surge has brought the largest cryptocurrency in the world dangerously close to reaching its all-time high.
On Wednesday, bitcoin increased by 12.6% to $63,968 before reverting to roughly $60,000. With the rally, its gains over the first two months of this year have reached 42%

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The token’s quick climb has brought back memories of the cryptocurrency bull market that saw it reach a record high of about $69,000 in November 2021 as investors pounce on the opportunity to profit from further price increases.

Timo Lehes, co-founder of the blockchain startup Swarm, called this “insane” and added that he had anticipated more money to pour into the coin.
“It just draws people in and Fomo does kick in when people see these kinds of increases in a short period of time,” he stated.

The establishment of spot bitcoin exchange traded funds by well-known asset managers like BlackRock and Invesco was authorized by US regulators in January, opening the door for a surge in capital from investors wishing to bet on cryptocurrencies in a controlled environment. According to K33 Research, the 11 funds currently own 303,000 bitcoins, which are valued at $18 billion and represent 1.5% of the entire supply of bitcoins.
 
“It’s possible that the record high will be surpassed very soon,” eToro analyst Simon Peters stated. “The [bitcoin funds] are without a doubt the driving force behind it.”
The price of bitcoin is rising in tandem with a broader upswing in conventional financial markets. The recent week has seen record highs for US and European markets as a result of investor excitement about the promise of artificial intelligence technology stoked by chipmaker Nvidia’s spectacular results.
The cryptocurrency trading platform Coinbase attributed some user disturbances, such as displays of a zero balance in their accounts, to traffic that was ten times higher than usual.
Coinbase stated, “We appreciate your patience.” “We’re starting to notice an improvement in client trading. Some customers may continue to experience issues with login, transmit, receive, and some payment methods due to high traffic. You can be sure that your money is secure.

Notwithstanding US officials’ crackdown on the largest cryptocurrency firms and ongoing mistrust of the token, the price of bitcoin has skyrocketed. Officials from the European Central Bank criticized cryptocurrencies last week, declaring that “the fair value of bitcoin is still zero.”

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