Bitcoin hits highest value since 2021, surpassing $65,000 mark
Bitcoin, the most popular cryptocurrency, has been on a winning streak. Just days ago, it eclipsed the $60,000 mark for the first time since 2021. Amid expectations of a ceiling on its value, Bitcoin shattered another milestone.
6:13 AM EST, March 4, 2024
Breaking barriers
On Monday, albeit momentarily, the cryptocurrency soared above the $65,000 threshold. According to Bloomberg, this upsurge is attributed to American ETFs (Exchange-Traded Funds), which began trading on January 11. Economists had predicted that allowing these funds into the market would bolster Bitcoin's value—an assertion that was swiftly validated as Bitcoin experienced a 186% growth in the past year.
Overseas media spotlight two companies, BlackRock and Fidelity, for their role in Bitcoin's activity—highlighting the active trading of 10 ETFs in cryptocurrency.
The promise of April
Experts point to April, with the impending 'halving' event, as a pivotal time. This event halves the reward miners receive for completing a block, effectively reducing Bitcoin's new supply by half.
Konrad Ogrodowicz, a fund manager at Superfund TFI, shared with Parkiet that "this reduction in supply is undoubtedly positive and has historically signaled the start of a bull market." The anticipation of this halving event is a significant factor driving Bitcoin's value. While it may continue to surge, possibly reaching $69,000, there remains uncertainty over whether its value will then sharply decrease.
