Home Business Bitcoin Falls by 6% after Reaching All-time High of $69,000
BusinessFinanceNews

Bitcoin Falls by 6% after Reaching All-time High of $69,000

499

Bitcoin has fallen by over 6% after shattering its previous record and reaching an all-time high of over $69,000 on Tuesday. The initial surge marked a significant turnaround for the cryptocurrency after facing a tumultuous period in 2022 when its value plummeted amidst a broader market meltdown.

Bitcoin’s price has experienced a remarkable upswing, soaring more than 300 per cent since November 2022 when it dropped below $20,000. The latest record surpasses the previous high of just under $68,790 set in November 2021 during the crypto market boom.

The resurgence of Bitcoin’s value has been attributed to investor enthusiasm for a new financial product linked to the digital coin. U.S. regulators’ authorisation of exchange-traded funds (ETFs) tied to Bitcoin’s price has provided a straightforward investment avenue for individuals, fueling the cryptocurrency’s rapid ascent. Investors have poured over $7 billion into these ETFs, as reported by Bloomberg Intelligence.

Notably, the price of Ether, the second-most-valuable digital currency, has also experienced a surge of over 50 per cent this year, reaching approximately $3,800. This rise is partly fueled by optimism surrounding the potential approval of an ETF linked to Ether.

However, the crypto industry remains volatile, exemplified by Bitcoin’s price momentarily dropping to about $63,500 within minutes of hitting the record high.

Bitcoin Price
Bitcoin chart as at March 5, 11:00pm (WAT)

Despite the uncertainties, the approval of Bitcoin ETFs has injected stability into the crypto market. Financial giants like BlackRock and Fidelity offering these investment products have contributed to the positive trajectory. Crypto experts predict that the recent bull market for Bitcoin is just the beginning.

About The Author

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

MusicNews

Highlife Icon Mike Ejeagha Dies at 95, Tributes Pour In Across Nigeria

Renowned highlife musician and folklorist Mike Ejeagha has died at the age...

Mali Morila Gold Mine
BusinessNews

Mali Takes Over Once-Leading Morila Gold Mine for $1 in Bid to Revive Production

The Malian government has officially taken over Société des Mines de Morila...

Malian Customs Cocaine
News

Malian Customs Seize Over 100 Kilogrammes of Cocaine in Major Operation

Malian customs officials seized more than 100 kilogrammes of pure cocaine on...

News

Youth-Led Protests Erupt in Togo Against Government Corruption, Abuse of Power, and Repression on President’s Birthday

On June 6, coinciding with President Faure Gnassingbé’s birthday, youth-led protests erupted...