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Bitcoin makes history - New all Time High
Daniel Solano
March 06, 2024
Bitcoin Surpasses All-Time High Ahead of 2024 Halving
Table of Contents
In a historic moment for the world, Bitcoin has once again surpassed its all-time high, reaching a record-breaking $69,324 per coin. This surge in value comes less than two years after the FTX scandal rocked the crypto market, and just weeks before the highly anticipated Bitcoin halving in 2024.
The Bitcoin halving is an event that occurs roughly every four years, in which the reward for mining new Bitcoin blocks is cut in half. This event has historically been associated with significant price increases, as the reduced supply of new coins drives up demand. With the next halving just around the corner, many investors and analysts are predicting even more substantial gains.
Bitcoin's recent surge to an all-time high is a testament to the resilience of the technology, which has weathered numerous storms and attempts to change its direction over the years. Despite heated debates and various forks in the blockchain network, Bitcoin has persisted in its current format, and its survival has only served to increase its confidence and resilience.
The current bull run is also fueled by U.S. approval of Bitcoin exchange-traded funds (ETFs), which have provided a much broader class of investors with an easy way to invest in the cryptocurrency without having to directly custody the assets themselves.
Breaking Records
Bitcoin has been breaking records recently with the introduction of Bitcoin ETFs and the incredible record inflows since their approval. The digital currency has been on a roller coaster ride over the past few years, but the recent surge in interest from institutional investors has given it a new lease on life. These ETFs have attracted billions of dollars in investment, and are buying 10x to 12x the daily issuance through mining, with some of the biggest names in finance getting in on the action.