Bitcoin hits all time record high?

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March 5,2024

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Due to investor money flowing into U.S. spot exchange-traded cryptocurrency products and the possibility of a decline in global interest rates, Bitcoin reached a new high on Tuesday.

The biggest cryptocurrency in the world reached an all-time high of $69,202, surpassing the $68,999.99 mark set in November 2021. Since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January, investor interest has grown. After that, it started to decline and closed at $68,440.

This is in stark contrast to 2022, when the market was pushed into an 18-month-long crypto winter due to a series of high-profile corporate bankruptcies and scandal. Since October, Bitcoin has risen by nearly 160%, of which 44% occurred in February alone.

Demand from a larger group of investors, bitcoin, and cryptocurrencies in general,has benefited from the likelihood that the Federal Reserve would lower interest rates in the United States, which frequently causes investors to shift money into more volatile or higher paying assets.

The CEO and co-founder of cryptocurrency platform Anchorage Digital, Nathan McCauley, stated that "the bitcoin all-time high marks a turning point for crypto." "Traditional institutions were once sitting out; today, they are here in full force as the principal drivers of the crypto bull market."

This year, in particular, investors have flocked to cryptocurrency, mega-cap technology stocks, and investment-grade corporate bonds.

Analysts claim that bitcoin profited ahead of April's "halving event," which is a four-year process that reduces the rate at which tokens are released.

in addition to the payouts made to miners.

There are only 21 million bitcoin in circulation, 19 of which have previously been mined.

Even with its recent surge in popularity, bitcoin is still viewed by many investors as a speculative asset because it is too volatile and has too few practical uses.

However, some businesses are adding cryptocurrency to their corporate coffers in addition to the confluence of money flows into ETFs, the possibility of a limited supply of bitcoin, and a future drop in U.S. interest rates.

- a longtime bitcoin holder - revealed in a regulatory filing that it has lately purchased roughly 3,000 additional bitcoins for $155 million. Social media site Reddit likewise revealed in a regulatory filing that it has purchased modest sums of bitcoin.

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