Bitcoin continued its upward trend for the fifth day in a row, reaching almost $60,000. This rise is due to more money going into new US spot bitcoin exchange-traded products. In February alone, the value of the cryptocurrency has gone up by almost 40%, making it the biggest monthly increase since December 2020. Bitcoin’s worth has now gone over $2 trillion this month, and its price has doubled in the last four months.
Investors are feeling positive because they are expecting the Federal Reserve to lower interest rates this year, and there’s also excitement about the upcoming halving event in April. This event usually leads to an increase in bitcoin’s value.
The three most popular bitcoin exchange-traded funds (ETFs) by Grayscale, Fidelity, and BlackRock have seen more trading recently. Another cryptocurrency, ether, which is the second-largest in the world, also went up by 2.2% to $3,320. In February, it has seen a 47% increase, which is the biggest monthly rise since July 2022.
