According to U.Today, Bitcoin historian Pete Rizzo highlighted a significant milestone in Bitcoin's history, noting that 14 years ago, one Bitcoin (BTC) could be purchased for just $0.05. This historical fact underscores Bitcoin's extraordinary growth and widespread adoption over the past decade and a half. In 2010, Bitcoin was still in its infancy, known only to a small group of tech enthusiasts and early adopters. Created by the enigmatic Satoshi Nakamoto, Bitcoin was in the process of proving its utility and value proposition.
From a mere $0.05, Bitcoin's value has surged to over $60,000 per coin, a testament to its remarkable growth and increasing acceptance in mainstream finance. Bitcoin is now traded on major exchanges worldwide, accepted by numerous businesses, and held by institutional investors. This dramatic rise in value highlights the growing confidence in cryptocurrencies as a viable financial asset.
In recent developments, Morgan Stanley, one of the world's largest wealth management firms, has authorized hundreds of financial advisers to solicit eligible clients to purchase spot Bitcoin exchange-traded funds (ETFs) as early as next week. U.S. Bitcoin ETFs have attracted nearly $18 billion in net inflows since their listing in January, marking a record debut for a fund category.
Bitcoin's price has quadrupled since the beginning of 2023, reaching an all-time high of $73,798 in March, driven by demand for U.S. exchange-traded funds. However, the surge has recently eased, as has the pace of ETF inflows. Bitcoin is currently extending its sell-off from a six-week high of nearly $70,000 reached on July 29. Since then, Bitcoin has marked five out of six days in losses and is currently trading in red, down about 11% weekly. At the time of writing, Bitcoin was down 2.14% in the last 24 hours to $60,279. CoinGlass data show that over $162 million worth of bullish crypto wagers in the market were liquidated in the past 24 hours, accounting for the majority of a total $197 million liquidations.
