What’s going on in the cryptocurrency world? Bitcoin price has reached the highest level since late 2021. to Bitcoin thanks to new ETFs focusing on over 60 thousand dollars saw. So what awaits this market in the long term?
Bitcoin price exceeded 60 thousand dollars
The largest digital currency reached its highest level of $60,131 as of February 28. This means that, together with the gains it made in February, its price increased by 42 percent this month alone. If it continues through the end of the month, this would mark Bitcoin’s best performance since 2020.
It has been stated that investors have recently invested in Bitcoin ETFs offered by major companies such as Grayscale, Fidelity and BlackRock. Daily trading volumes in these ETFs have more than doubled in the past week.
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The increase in demand is fueled by various factors. With the US Federal Reserve signaling that it may lower interest rates, many people see Bitcoin as a hedge. It is also thought that the current supply may become tighter as the number of Bitcoin miners decreases.
In addition to individual investors, large companies also increased their Bitcoin stocks. Crypto exchange Nexo said 70 percent of its supply has not moved in more than a year. This means that the liquid supply in the exchanges is decreasing.
If this rise in Bitcoin continues, it is thought that Bitcoin will reach the level of 70 thousand dollars. On the other hand, the cryptocurrency market value exceeded 2 trillion dollars for the first time since 2020.