Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

Bitcoin Sets a New Benchmark, Soars Beyond $69,000 in Stunning Price Surge

Bitcoin Sets a New Benchmark, Soars Beyond $69,000
image credit:wikipedia image credit:wikipedia
Bitcoin Sets a New Benchmark, Soars Beyond $69,000
image credit:wikipedia image credit:wikipedia

Listen to the article now

Bitcoin Sets a New Benchmark, Soars Beyond $69,000 in Stunning Price Surge

The world’s largest cryptocurrency, Bitcoin, has reached a historic high, surpassing $69,000, breaking the previous record set in November 2021. This surge is attributed to significant investments from major US finance corporations, driving Bitcoin’s value upward. Notably, Bitcoin’s value had plummeted to $16,500 by 2022 after the earlier peak.

The recent price surge is primarily fueled by prominent financial institutions, including Blackrock, Fidelity, and Grayscale, pouring billions of dollars into acquiring bitcoins. This influx is a result of US regulators approving spot Bitcoin Exchange-Traded Funds (ETFs) in January 2024, enabling these investment giants to sell products tied to Bitcoin’s price. Professor Carol Alexander from Sussex University acknowledges the potential for Bitcoin’s price to climb further but warns about its notorious volatility, emphasizing the risk for ordinary investors.

Bitcoin’s tumultuous history began in 2009 when it was introduced by an anonymous entity named Satoshi Nakamoto. Initially conceived as a tool for internet-based currency creation, Bitcoin carried an anti-establishment ethos, encouraging independence from traditional financial institutions and government control.

The cryptocurrency’s current peak highlights a paradox where institutional investment, once antithetical to Bitcoin’s ethos, has become a driving force behind its record-breaking value. Despite this surge, Professor Alexander cautions that the upcoming “halving” event in April might impact Bitcoin’s value, as historical data suggests such events coincide with price surges.

Bitcoin reached $69,200 on Tuesday before settling around $67,000, marking a more than 50% increase in value over the past month. However, the cryptocurrency is known for its wild fluctuations, as evidenced by its previous plunge to nearly $20,000 in June 2022 and subsequent struggles throughout 2023, including the collapse of the FTX exchange in November 2022.

El Salvador’s president, Nayib Bukele, has been a prominent figure in Bitcoin adoption, investing over $100 million of public funds to acquire almost 3,000 bitcoins. While his investment has appreciated, the cryptocurrency’s volatile nature suggests caution, as Bitcoin’s value tends to experience drastic shifts.

In conclusion, Bitcoin’s recent record high is a testament to its evolving narrative, with institutional investments driving its value despite the cryptocurrency’s initial anti-establishment origins. As the market continues to fluctuate, investors, including El Salvador’s president, navigate the unpredictable terrain of the crypto landscape.


Comment Template

You May Also Like

Cryptocurrencies

An increasing number of parents are using Bitcoin as an alternative to traditional college savings plans, driven by optimism about its growth potential and...

Cryptocurrencies

On January 20, 2025, Bitcoin hit an unprecedented $109,350 as Donald Trump was inaugurated as U.S. President. The Trump family launched billion-dollar meme coins,...

Business

Analysts believe a recent crash in foreign equity markets is more due to investors winding down carry trades than a shift in the U.S....

Finance

Here are a few million-dollar rare coins for coin collectors and individuals with small riches. Flowing Hair Silver Dollar, 1794. This rare 1794–1795 coin...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok