BITCOIN TOUCHES AN ALL-TIME HIGH ABOVE $69,000

Tue 05 March 2024:

Tuesday saw Bitcoin reach an all-time high, ending a more than two-year slump that had raised concerns about the long-term viability of the whole cryptocurrency industry.

Bitcoin traded above $69,000 Tuesday morning, topping the previous record of $68,789 reached on November 10, 2021, according to CoinMarketCap.

“Bitcoin reclaiming its all-time high yet again shows it is never going away,” said Alex Thorn, head of research at Galaxy Digital. “In its 15 years of existence, bitcoin has seen four 75% [plus] drawdowns, and each time it has come roaring back.”

Clara Medalie, research director at crypto data provider Kaiko, echoed that sentiment, saying a new record is “an important psychological milestone” and “demonstrates crypto’s remarkable ability to bounce back and continue to persevere despite big headwinds.” However, it “doesn’t have much material impact on the pace of innovation in the industry,” she added.

After just a month, the ETFs had spurred more than $4.2 billion in net new flows, according to Bloomberg.

The bitcoin rally has also been fueled by the crypto faithful, who are anticipating even more gains this spring following an event known as the “halving.” Roughly every four years, the number of bitcoin entering circulation gets cut in half — a built-in feature of the cryptocurrency, which is finite by design. As bitcoin approaches scarcity, the value is expected to rise.

Bitcoin, which accounts for more than half of all cryptos in circulation, is up more than 200% over the past 12 months, according to CoinMarketCap.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

______________________________________________________________

FOLLOW INDEPENDENT PRESS:

WhatsApp CHANNEL
https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22