Cryptocurrencies – Bitcoin is on the rise and is getting closer and closer to its record high – News

• The crypto market is on a high.
• The price of Bitcoin, the largest digital currency by market value, has risen above the round mark of 60,000 US dollars for the first time since November 2021.
• On Bitstamp, a cryptocurrency trading platform, a peak price of $60,765 was paid for one Bitcoin.

The record high of almost $69,000 is getting closer and closer. Given the pace of the recent price increase, this could soon be achieved: Bitcoin has gained more than 40 percent since the beginning of the year.

“The number one driving force remains the approaching ‘Bitcoin Halving’,” says crypto expert Timo Emden from Emden-Research. This is an event in April where the reward for verifying Bitcoin transactions will be halved. As a result, the supply of Bitcoin grows more slowly, which has usually led to price gains in the past.

Emden also referred to the ongoing record hunt on the stock markets, which is luring investors into riskier assets. “The record spark on the global stock markets has now spread to Bitcoin and Co.,” explains the expert.

After the high came the downturn

According to Emden, the approaching record high is also attracting those interested in Bitcoin. “Investors are in peak fever and are longing for new record levels.” The historical high of just under $69,000 was marked in November 2021.

After that, however, a steep decline began, which caused the price to plummet to a good $15,000 within a few months.

However, the price has been going uphill significantly for a few months now. The main reason for this is the approval of special US funds with which one can bet on the performance of Bitcoin without directly owning the digital currency itself.

These spot ETFs were approved by the US Securities and Exchange Commission (SEC) back in January and have attracted a lot of capital since then. According to the US bank JP Morgan, interest from mainly small investors has increased significantly since then.