Bitcoin price reaches new all-time high, surpassing $69,000

The price of Bitcoin, the world’s largest cryptocurrency, has reached a new all-time high of over $69,000, surpassing the previous record set in November 2021. However, by 2022, Bitcoin’s value had dropped to $16,500. This recent surge in price has been driven by US finance giants investing billions in Bitcoin. Carol Alexander, a finance professor at Sussex University, believes the price could continue to rise but warns that cryptocurrency is known for its volatility. The surge in price is attributed to institutional investors buying large amounts of Bitcoin, with firms like Blackrock and Fidelity leading the way. The approval of spot Bitcoin Exchange-Traded Funds (ETFs) by US regulators in January 2024 has also contributed to the increase in Bitcoin’s value. Despite the current high, fluctuations in Bitcoin’s value are common, as seen in its history of peaks and troughs. El Salvador’s president, Nayib Bukele, has also embraced Bitcoin, investing over $100 million of his country’s money in the cryptocurrency. The future of Bitcoin’s value may be influenced by events like the upcoming “halving” event in April.