Bitcoin price briefly reaches $69,000 a new all-time high
Bitcoin's price briefly hits a new all-time high, surpassing $69,000, driven by increased investment from US finance giants and recent regulatory approvals.
The price of Bitcoin briefly reached a new record high, exceeding $69,000, fueled by significant investments from major US finance companies.
This surge marked a notable increase of over 50% in the past month, according to CoinMarketCap. The rise in value has been attributed to substantial investments by prominent financial institutions, such as Blackrock, Fidelity, and Grayscale, following the approval of spot Bitcoin Exchange-Traded Funds (ETFs) by US regulators in January 2024. Despite this surge, experts caution about the notorious volatility of cryptocurrencies, and the upcoming "halving" event in April may also impact Bitcoin's value.
Wild fluctuations
While Bitcoin's recent surge brings joy to holders, historical patterns suggest they should be prepared for potential fluctuations. Bitcoin experienced a significant drop to nearly $20,000 in June 2022 amid global economic concerns. The price faced further declines after the collapse of FTX, a major cryptocurrency exchange, in November 2022. Throughout 2023, Bitcoin saw peaks and troughs but managed to recover, trading above $40,000 by the year's end. El Salvador's president, Nayib Bukele, has actively embraced Bitcoin, investing over $100 million of public funds to purchase nearly 3000 bitcoins, which have since increased in value.
