He bitcointhe most used cryptocurrency on the market, surpassed the $73,600 level this Wednesday and reached a new all-time high, according to Bloomberg data collected by EFE.
This Wednesday at 8:15 a.m., the cryptocurrency exceeded $73,000, and at 9:44 a.m. it reached a new high of $73,664.23.
Shortly thereafter, it fell and was trading at $73,420.1 at 12:00 p.m.
For more than a week, bitcoin has not stopped reconfirming the highs. 5 reached $69,191.9 and surpassed the record in effect on November 10, 2021, which was $68,991.
Likewise, since January 23, when Bitcoin fell to its lowest annual level ($38,509), the cryptocurrency has risen in price by almost 90%.
According to analysts, bitcoin’s bullish tone stems from the SEC’s decision, US Stock Exchange Supervisorto authorize the creation of exchange-traded funds (ETFs) linked to the spot price of this cryptocurrency.
The rise of bitcoin is also fueled by the halving scheduled for April, which will cut the reward received by bitcoin “miners” in half, which will reduce the creation of new currencies.
In statements to EFE, Director of Institutional Training Bit2Me, Javier Pastor, he pointed out the pace of purchases recorded by the cryptocurrency, which reaches an average of 4,500 bitcoins per day.
In this regard, he assured that BlackRock acquired about 1 billion dollars in bitcoins just yesterday, which is a record.
“We continue to see continued buying which is likely to accelerate with the approval of ETFs in Hong Kong and ETMs in the UK”specified Pastor, who also assured that the rise in the price of the cryptocurrency is due to the ever-closer reduction of the exchange rate by central banks, a ‘halving’ and a ‘supply shock’.
“This has only just begun and the question we have to ask ourselves is whether it will be different from other cycles, where there was an explosion in prices, then they fall by 60, 70 percent or more. I think it will probably not be repeated again. in the same way and we will see will behave differently despite the explosive growth,” he concluded.
Julius Baer Digital Asset Analyst, Manuel Villegas, He also explained that the reasons behind this Bitcoin movement are quite clear, which is the “unbridled” demand for the cryptocurrency for physical-backed ETFs, in the context of shallow market depth.
“The mood on the market seems optimistic, and investors are looking for any signs of growth”added the analyst, who assured that the group of eleven funds that issued Bitcoin ETFs accumulated more than $59 billion in assets under management, with total net inflows of approximately $11 billion.
For its part, Ethereum, the second largest cryptocurrency on the market, trading at $4,058.3, is approaching an all-time high reached in November 2021 ($4,866.4).
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
