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October 4, 2022
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Bitcoin exceeds $ 60,000 with an increase of more than 24% in one week

Bitcoin has just set another historic record, now at $ 60,000.

Ending weeks of stagnation, Bitcoin today has skyrocketed in price, reaching new highs of $ 60,000.

That’s about $ 1,750 higher than the previous February 21 record of $ 58,258 per Bitcoin. Following that record, Bitcoin fell to $ 46,437 on February 23 and then to $ 43,527 on February 28.

At $ 60,000, its market value reached $ 1.1 trillion. The price of the currency increased 23% last week and 5% in the last 24 hours.

Bitcoin also brought other currencies for its journey to the top. Ethereum is worth $ 1,843, an increase of 17% last week. Binance Coin, or BNB, rose 21.8% last week. And Polkadot rose 12%.

Why has the price of Bitcoin increased?

Some things may have spurred this last run.

The digital artist Beeple made headlines when he sold an NFT art collection for $ 69.5 million to a crypto collector named Metakovan. NFTs are cryptocurrencies that function as digital collectibles; each token is proven to be unique and serves as a kind of certificate of authenticity.

The sale of Beeple, through the century-old British auction house Christie’s, is the largest to emerge from the frothy NFT industry and the third largest sale of private art to date. The Nifty Gateway, funded by Cameron and Tyler Winklevoss – the NFT market that debuted Beeple’s art in October – could be worth $ 1.2 billion, according to crypto market analyst Messari.

Then, the President of the USA, Joe Biden, sanctioned a package of $ 1.9 trillion stimulus which puts $ 1,400 in Americans’ pockets to help them cope with the pandemic. Many Bitcoin advocates, including the crypto VC Meltem Demirors, believe that printing U.S. dollars to save the economy will devalue the currency – and that Bitcoin is a safe bet against the dollar’s collapse.

And big companies have invested in cryptocurrencies. Grayscale, Digital Currency Group, announced plans to buy up to $ 250 million in Bitcoin.

In Canada, a third Bitcoin ETF has received approval from securities regulators. CI Global Asset Management will compete with Evolve and Purpose, launched at the end of last month. Bloomberg ETF reporter Mike Balchunas said the launch of Purpose, which traded $ 165 million in shares on the first day and $ 80 million in the first hour, was the most successful ETF launch in history.

“It was arguably the most successful ETF launch of all time, proportionally speaking,” he said. “But the waiting list was so long: it was like feeding a flock of hungry birds with bread – they were right there.”

Source: Decrypt

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