BITCOIN TOPPED $45,000 FOR THE FIRST TIME IN ALMOST TWO YEARS

Tue 02 January 2024:

On Tuesday, the price of Bitcoin surpassed $45,000 for the first time since April 2022.

The rise sparked hopes that the United States could launch a Bitcoin exchange traded fund (ETF) this year, allowing investors to buy products that match the price of bitcoin without the need for cryptocurrency.

According to the US-based Forbes business, the price of Bitcoin was $45,838 at 0948GMT on Tuesday, a daily increase of 7.34%.

BITCOIN IN FOR ‘VERY EXPLOSIVE’ YEAR IN 2024, SAYS EXPERT

Bitcoin’s competitors also followed suit, with Ethereum – its top challenger – posting a rise of 5.05% to $2,416.38 as of 1000GMT, according to data from the digital asset price-tracking website CoinMarketCap.

The total value of the crypto market was up 6.7% to $1.85 trillion at the time, 50.83% of which belonged to Bitcoin, the data showed.

“Crypto is cyclical by nature. That’s an inevitable fact. But many of the collapses have come as a result of overzealous, laser-eyed investors buying colorful JPEGs and creating vaporware for the sake of taking an investors money. Every industry attracts a similar crowd, especially when there’s an opportunity to profit,” said Zemp, who is author of the book, “The Future Economy: A Crypto Insider’s Guide to the Tech Dismantling Traditional Banking.”

Regulations

“The good news is that crypto is here to stay and bad actors are constantly being flushed out of the market, driving more awareness for better practices and safeguards. A bull market is on the horizon again, and this one might be more stable and last longer due to bad actors being removed from the industry,” said Zemp.

The expert, who hosts the podcast “Blockhash: Exploring the Blockchain,” where he interviews top executives and founders in the industry, emphasized that regulations are very important and have the potential to either elevate or disrupt any industry.

“In the past two years, there has been a lot of regulation by enforcement, which has led to a lot of disruption. But I’m hopeful for the direction crypto is heading entering 2024, as there is US legislation on the table to help bring regulatory clarity to the market,” he said.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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