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Bitcoin price: crypto market hits record high, first time since 2024


Bitcoin has hit a milestone by surpassing $60,000 for the first time since November 2021, soaring to $63,968 before settling around $60,000. The current price stands at $61,463, showing a notable 39% increase year to date.

The surge in Bitcoin price has set new records in various local currencies across multiple global markets, including financially stable countries like China, Japan, the U.K., and India, as well as emerging markets such as Argentina, Turkey, and Egypt.

This sudden surge has reignited memories of the cryptocurrency bull market that drove Bitcoin to an all-time high of nearly $69,000 in November 2021, as investors flocked in, fearing they might miss out on potential future price hikes.

Some investors took to social media to express their excitement about the rapid rise.

An unidentified analyst claimed, “Bull market has started. If history repeats itself, we may witness around 10 months of intense FOMO (fear of missing out) with extreme price surges coupled with multiple -30% drops.”

Bitcoin ETFs create history

The U.S. authorities recently approved the launch of spot Bitcoin exchange-traded funds (ETFs) by prominent asset managers like BlackRock and Invesco. This approval paves the way for a surge of new investments from individuals looking to speculate on the cryptocurrency in a regulated environment.

“Investors should tread cautiously concerning the various risks linked to Bitcoin and products tied to crypto,” Gary Gensler, chairman of the U.S. Securities and Exchange Commission, advised.

According to K33 Research as cited by the Financial Times, the 11 funds currently hold 303,000 bitcoins valued at $18 billion, which accounts for roughly 1.5% of the total bitcoin supply. BlackRock’s Bitcoin ETF achieved a new high of $10 billion in assets under management today (March 1), making it the quickest ETF to reach this milestone in just 37 trading days.

Featured image: DALL·E / Canva

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