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The price of bitcoin has risen above $60,000 for the first time in over two years, as a lightning rise brings the world’s largest cryptocurrency within It is getting close to reaching its all-time high. Bitcoin surged as much as 12.6 percent to $63,968 on Wednesday before sliding back to around $60,000. The rally’s gains have reached 42 percent in the first two months of the year.
The quick increase has brought back memories of the bitcoin bull market, which pushed The coin reached a record high of approximately $69,000 in November 2021 as investors piled in amid “fear of missing out” on future price increases. “This is insane,” exclaimed Timo Lehes, co-founder of blockchain startup Swarm. He added that he expected additional money to pour into the token.
“When consumers witness these types of growth in a short period of time, ” just draws people in, and Fomo kicks in,” he remarked.
In January, US officials approved the establishment of the spot bitcoin exchange market. Funds by conventional asset managers, like BlackRock and Invesco, are paving the way for an influx of additional capital from investors willing to speculate on the cryptocurrency via a regulated vehicle.
According to K33 Research, the 11 funds now have 303,000 bitcoins valued at $18 billion, which represents around 1.5 percent of the total bitcoin supply.
“We could see the all-time high being broken any day now,” said Simon Peters, an analyst at the trading firm eToro. The driving force behind it is beyond doubt. “The [bitcoin funds].”
The rise in the bitcoin price comes amid a broader gain in traditional financial markets. Nvidia’s impressive earnings have fueled an investment frenzy over the idea that artificial intelligence technology has the ability to help propel the US and Europe. Stocks have reached all-time highs in the last week.
Coinbase, a cryptocurrency trading site, cited traffic that was ten times typical for disruptions for some customers, including displays of a zero balance in their accounts.
“We appreciate your patience,” Coinbase stated. “We are starting to see improvements in customer trading. Due to higher traffic, certain consumers You may still see difficulties when logging in, sending, receiving, and using various payment methods. Rest assured, your cash is secure.”
Bitcoin’s price has risen despite US regulators’ clampdown on it. The major crypto firms remain skeptical of the token. Last week European Central Bank officials slammed the cryptocurrency, stating “the fair The value of bitcoin remains zero.” “For society, a repeated boom-and-bust cycle The outlook for bitcoin is bleak, and the collateral damage will be tremendous,” they warned, adding that the token’s price “does not indicate its viability.” The crypto sector has been buoyed by the perception that it is moving on from recent controversies.
In November, the Securities and Exchange Commission imposed a record $4–3 billion in penalties against Binance, the world’s largest cryptocurrency exchange, for violations such as failing to protect against money laundering and violating international sanctions. FTX, Binance’s rival, failed in 2022, and its founder, Sam Bankman-Fried was found guilty of seven counts of fraud and money laundering. This week, his defense team claimed that the former cryptocurrency tycoon should spend just a few years in prison rather than the possible 100-year term.
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