Bitcoin temporarily reached $69,000, a record high.Though Bitcoin's value dropped to $16,500 by 2022, it broke the November 2021 record.
The price spike is due to US financial giants investing billions on bitcoins. the cryptocurrency reached $69,200 before plummeting. It traded about $62,185 .
Bitcoin's value has risen almost 50% in the last month, according to CoinMarketCap.Sussex University finance lecturer Carol Alexander said its price might break its previous record but warned that crypto was "notoriously volatile."
"Too often in the past the price crash was timed so that ordinary investors buying Bitcoin during the bubble are the ones who lose out," . In Bitcoin's stormy history, the new record is another milestone.
The identity of Satoshi Nakamoto, who founded it in 2009, is unknown.It was created to make money for the internet with an anti-establishment mindset that encouraged people to live free from financial institutions and governments.
However, those establishment corporations have spent billions on it, which explains its current record high value.That was achievable because US regulators reluctantly approved three spot Bitcoin ETFs in January 2024.
Big investment firms like Blackrock, Fidelity, and Grayscale may market Bitcoin products.They bought hundreds of thousands of bitcoins, increasing their value.are drawing institutional investors to Bitcoin and driving up prices."
She said that Bitcoin's April "halving" may affect its value."In the past, these events have been accompanied by price surges," stated.
Many Bitcoin holders will celebrate because their wealth has increased greatly.But history suggests they should expect that to change.
Bitcoin sank to 18-month lows of nearly $20,000 in June 2022 as investors avoided riskier investments due to a weak global economy.In November 2022, "king of crypto" Sam Bankman-Fried's large cryptocurrency exchange FTX went bankrupt, reducing cryptocurrency prices.
She said that Bitcoin's April "halving" may affect its value."In the past, these events have been accompanied by price surges," stated.
After fluctuating in 2023, it reached $40,000. Others follow those developments besides investors and companies.President Nayib Bukele of El Salvador backs crypto.Bitcoin enthusiast spends $100m of developing nation's public revenue on 3000 bitcoins.His investment was 60% higher. Details are private.