Price record for Bitcoin: exceeded $69,000

The price of Bitcoin recently surpassed its all-time high of $69.000 after a period of 846 days. The market’s leading cryptocurrency has seen an increase of around 70% over the course of the current year. Let’s see all the details below.

Bitcoin hits $69,000: new price record

As anticipated, after a period of 28 months and a 77% decrease from peak to trough, the price of Bitcoin has today surpassed its previous all-time high of $69.000

The market’s leading cryptocurrency took a total of 846 days to fully recover.

Bitcoin has shown an appreciation of around 346% since it bottomed above $15,000 in the last quarter of 2022. This year alone, it has seen an increase of around 70%.

Significant events, such as the collapse of the Terra Luna ecosystem and the subsequent failure of the cryptocurrency exchange FTXhave influenced the cryptocurrency bear market, creating uncertainty in the industry as a whole.

The approval of bitcoin-linked exchange-traded funds in the United States has catalyzed the new cryptocurrency bull market, with flows exceeding bullish expectations.

The daily trading volume recorded an increase in parallel with the inflows of the ETF Bitcoin, with an upward trend since the end of last year.

Over the past week, Bitcoin’s price in euros and British pounds has reached all-time highs, while its market capitalization in dollar terms has surpassed the previous record of 1.303 trillion dollars.

Bullish Phase: Expectations for Halving and Record Inflows into Bitcoin Spot ETF

Members of the crypto community are unanimous in highlighting the current bullish phase of Bitcoin, interpreting the increase from the January 2023 low to the March 2024 high as a clear signal of the cryptocurrency’s entry into a bullish zone.

Some indicate that this does not just represent a bull run, but rather a warm-up for what could come, especially in the period of the halving of Bitcoin.

Analysts predict that investors will make massive flows into the market, further intensifying the bullish trend.

At the same time, it opens up the possibility for short-term traders to exit the market with considerable profits. The key remains in maintaining stability during volatility and waiting for the token to cross the threshold 100 dollars, a long overdue achievement.

Furthermore, Bitcoin could experience a price increase for two main reasons. Firstly due to the upcoming halving approach, which will reduce supply to make the token rarer, and the huge inflow into the Spot Bitcoin ETF.

While the effect of the halving may take time to fully reflect, the ETF’s impact is evident with an accumulation of value exceeding $7.6 billion.

BlackRock, Grayscale e Fidelity lead the segment, fueling enthusiasm among BTC supporters and fueling challenging expectations in the days ahead.

South Korea: Discussion on Approval of Bitcoin Spot ETFs

Amid widespread global interest in Bitcoin Exchange Traded Funds (ETFs), South Korea finds itself at a crucial decision point.

Recently, the country’s financial authorities have undertaken discussions on the possibility of authorizing spot ETFs on Bitcoin.

As reported by Reuters, Lee Bok-hyunhead of the Financial Supervision Service, said in a radio interview that discussions are underway among the country’s authorities on the possible legalization of Bitcoin Spot ETFs.

Despite divergent perspectives within regulatory circles, Lee remains optimistic about virtual assets and plans to carefully consider the opinions of other authorities before reaching a conclusion on approval.

However, the uncertainty regarding the classification of Bitcoin as a fundamental asset remains a major concern for South Korean regulators.

Although financial authorities initially said they had no plans to regulate Bitcoin ETFs in January, spot sales of Bitcoin ETFs raised concerns according to the Capital Market Act.

Lee anticipates public involvement in the issue following regulatory scrutiny of virtual assets in the second half of the year.

Planned discussions between South Korean regulators and the US Securities and Exchange Commission (SEC) in May will focus on specific issues, including the possible inclusion of non-fungible tokens (NFT) and Bitcoin Spot ETFs in the virtual asset space.