🚀🚀🚀 #Bitcoin‬ Price Surges to Another All-Time High Above $70,000

Just days after surpassing its previous record price set in 2021, Bitcoin has surged even higher, reaching a new all-time high above $70,000 early Friday.

Bitcoin, the dominant #cryptocurrency in terms of market capitalization, peaked at $70,099 on Friday according to data from Coinbase, surpassing its previous record of $69,324 achieved on Tuesday. It has experienced a 4% increase over the past 24 hours.

This latest surge follows a turbulent day last Tuesday, during which Bitcoin breached the $69,000 mark to surpass its November 2021 record, only to face a rapid decline that saw it drop below $61,000 by mid-afternoon. However, Bitcoin quickly recovered, climbing back to $66,000 by the day's end, and has since continued to gain momentum.

Bitcoin has seen remarkable growth over the past month, with its value rising by more than 60% in the last 30 days alone and doubling in price since October of the previous year.

This surge comes after a prolonged bearish period, during which Bitcoin plummeted to a recent low of around $16,000 in November 2022, following the collapse of the crypto exchange FTX.

Several factors are driving this recent surge. The approval of spot Bitcoin exchange-traded funds (#ETFs ) in January has generated significant excitement, particularly as these funds have witnessed record-breaking daily trading volumes in recent times.

Additionally, anticipation surrounding next month's "halving" event, which involves halving the reward given to Bitcoin miners, is likely contributing to the upward momentum. The halving occurs approximately every four years and has historically impacted Bitcoin's price.

Source - decrypt.co 
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