Has bitcoin been resurrected? The key reasons why its value skyrockets and exceeds $57,000

The reference cryptocurrency reaches this value for the first time since the end of 2021

Sweet moment for bitcoin. Its price has momentarily exceeded the threshold of $57,000 (52,458 euros) this Thursday, a bar that it reaches for the first time since the end of 2021 and that responds to investor demand through spot bitcoin ETF funds listed on the stock exchange. as well as for MicroStrategy's purchases of 3,000 bitcoin for 155 million dollars (142.72 million euros).

Shortly after, the reference cryptocurrency fell to remain at $56,596.2 (52,113.6 euros) around 1:00 p.m., peninsular time, 10.78% more than the previous day. Bitcoin has improved its value by 33.9% since the beginning of 2023, an improvement that traces back the 64% collapse in 2022. It continues, however, below the historical maximum of almost 69,000 dollars (63,535 euros) reached in November of 2021.

Currently, one of the main incentives for investment is the 50% cut in the bitcoin issue premium scheduled for April. This process is designed to slow down their release and halve the reward for producing them, whose supply is limited to 21 million and of which 19 have already been mined.

Bitcoin has outperformed traditional assets like stocks and gold this year. The ratio that compares the price of the cryptocurrency with that of the precious metal is at its highest level in more than two years. The rally in cryptocurrencies in recent weeks is caused by risk-taking by investors amid expectations that the Federal Reserve will undertake a relaxation of monetary policy. Generally, higher interest rates tend to make riskier assets, such as cryptocurrencies, less attractive.#Bitcoin✅