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Bitcoin surges beyond $60,000 mark

The leading cryptocurrency has reached a two-year high after several consecutive days of gains

The price of Bitcoin, the world’s highest-valued cryptocurrency, surged past the $60,000 mark on Wednesday, according to CoinDesk.

The token rose above $60,600 at 14:55 GMT, its highest level since November 2021, marking a gain of over 6% over the past 24 hours.

The digital currency has surged for a fifth consecutive day, supported by inflows into US-based spot Bitcoin exchange-traded funds (ETFs). ETFs allow more retail investors to hold Bitcoin indirectly via funds that trade on exchanges. The launch of ETFs in early January has helped drive the value of Bitcoin up nearly 40% so far.

According to Reuters, traders are also investing in Bitcoin ahead of the upcoming halving in April, a process designed to slow the release of the cryptocurrency.

The value of all the Bitcoin in circulation has exceeded $2 trillion this month for the first time in two years, according to Reuters, which cited the crypto platform CoinGecko.

Bitcoin reached an all-time high of $68,982.20 in November 2021 before dropping to around $29,000 last July due to uncertainty caused by the criminal charges against Binance founder Changpeng Zhao and amid concern about economic woes in China.

For more stories on economy & finance visit RT’s business section

February 28, 2024 at 08:31PM
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