Bitcoin, the digital currency, has reached a new all-time high, surpassing its previous record set in 2021. It soared past $69,000 due to strong demand for US-listed exchange-traded funds (ETFs) and FOMO (fear of missing out) among investors. This surge comes ahead of a significant event called “halving,” expected to occur in April.
Initially, Bitcoin reached $69,202 but later settled at $66,978.12 after the peak. In 2022, Bitcoin’s value dropped significantly, falling below $16,000, which some called a “crypto winter.”
The recent increase in Bitcoin’s value is credited to the approval of US spot Bitcoin ETFs by the Securities and Exchange Commission (SEC) and anticipation of the upcoming halving event. As a result, Bitcoin’s market capitalization has risen to $1.31 trillion, marking a 57.77% increase since the beginning of the year.
