Fresh All-Time High: Bitcoin Surges Past $70,000
Bitcoin has reached another milestone, breaking its own record and surging past $70,000. This comes just days after it surpassed the 2021 record price.
The leading cryptocurrency by market cap, Bitcoin, achieved a price of $70,099 on Friday according to Coinbase data. This beats the previous record price of $69,324 set earlier in the week. Over the last 24 hours, Bitcoin has seen a 4% increase.
However, shortly after reaching this new peak, Bitcoin experienced a sudden drop. The current price on Coinbase is now at $68,172.
A Wild Ride for Bitcoin
Bitcoin’s recent surge follows a turbulent day on Tuesday. During this time, the coin broke through the $69,000 barrier to set a new record but quickly crashed and fell below $61,000. However, it managed to recover and ended the day at $66,000. Since then, Bitcoin has been steadily gaining.
Over the past month alone, Bitcoin has risen by more than 60%, doubling in price since October last year. This impressive performance comes after a bear cycle that saw Bitcoin hit a low of around $16,000 in November 2022 following the collapse of crypto exchange FTX.
Factors Driving the Surge
The recent surge in Bitcoin’s price can be attributed to several factors:
- Approval of Spot Bitcoin ETFs: The approval of spot Bitcoin exchange-traded funds (ETFs) in January has generated excitement and contributed to the surge. These funds have witnessed record-breaking daily trading volume in recent times.
- The Halving Event: Another factor that may be influencing the price surge is the upcoming “halving” event. During this event, the reward given to Bitcoin miners will be halved, reducing the circulating supply. The halving occurs approximately every four years and has historically impacted Bitcoin’s price.
Hot Take: Bitcoin Continues to Break Records 🚀
Bitcoin’s relentless upward climb shows no signs of stopping as it reaches new all-time highs. Here are some key takeaways:
- Bitcoin has set a new record price above $70,000, surpassing its previous milestone.
- After reaching the peak, Bitcoin experienced a slight drop but remains strong.
- This surge follows a volatile day on Tuesday when Bitcoin broke the $69,000 barrier but quickly crashed before recovering.
- Bitcoin has had an impressive month, with a 60% increase in the past 30 days and a doubling in price since October last year.
- The recent surge can be attributed to factors such as the approval of spot Bitcoin ETFs and the upcoming halving event.
As Bitcoin continues its upward trajectory, crypto enthusiasts eagerly await what new milestones and records it will achieve in the future.
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