The value of bitcoin rose above $60,000 on Wednesday afternoon for the first time since November 2021. The price of bitcoin is rising because demand for the cryptocurrency has risen sharply among investors in listed bitcoin funds. This has made the currency more accessible to a large group of investors.
The value of Bitcoin reached an all-time high of around $69,000 in November 2021. The value rose sharply that year because many people bought bitcoins during the corona pandemic. When crypto exchange FTX and other crypto platforms collapsed, the value of the cryptocurrency collapsed. Partly because of this, the coin was only worth $16,600 at the beginning of 2023.
Bitcoin already rose by about 40 percent this month after the American regulator SEC last month approved the arrival of listed bitcoin funds, also known as bitcoin ETFs. In total, the SEC approved eleven bitcoin funds. The ETF from BlackRock, the world’s largest asset manager, also received approval.
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The crypto world had been eagerly awaiting the approval for a long time. In the run-up to this, the value of bitcoin also rose considerably. In December, the coin rose above $40,000 for this reason. That was the first time since May 2022. On Wednesday afternoon around 3:45 p.m., the bitcoin was worth about 60,400 dollars, the equivalent of almost 56,000 euros. Bitcoin also broke the $61,000 mark around 5 p.m.
Crypto investors hope that the so-called ‘halving’ of bitcoin in April will ensure a new rise. The halving means that the reward for miners of the cryptocurrency is halved. Miners use powerful computers to solve complex mathematical problems and receive a reward in bitcoin. After the previous halving in May 2020, the price of the cryptocurrency also shot up considerably.
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2024-02-28 15:57:50
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