Bitcoin on the brink of record prices, what is causing the price increase?

The price of the cryptocurrency Bitcoin is increasing by leaps and bounds. The price of this digital currency has reached the threshold of record value. Today, Tuesday (March 5), the price of the virtual currency reached 68 thousand 800 dollars. Which is the highest in the last two years. Reuters news.

Earlier, in November 2021, the price of Bitcoin reached $68,999.99. Which is the highest ever. Today the price of Bitcoin stands next to that record value. Later, however, the price of this currency decreased by 1.2 percent and now stands at 66 thousand 709 dollars. Although slightly lower, it is still close to the record price.

As the world economy was trying to recover from the crisis of the Corona pandemic, the price of Bitcoin started to fall. Many people once again questioned the future of this currency. After the fall of FTX in 2022, the price of Bitcoin dropped to $16,000. Bitcoin price remained stable between 20,000 and 30,000 for almost the entire period of 2023.

However, the price of the currency began to rise in December amid the possibility that the US authorities might approve the Bitcoin spot ETF. The price of Bitcoin has increased by 50 percent in the world market so far in twenty-four years. Out of which 42 percent increased last February. According to a report by Daily Mail, this is a significant development for crypto currency.

It is worth mentioning that after the approval of the ETF, the price of Bitcoin suddenly fell to 38 thousand dollars. Later it started growing again. Cryptocurrencies are primarily priced through spot ETFs.

Incidentally, last January, the US Securities and Exchange Commission (SEC) approved investing in Bitcoin through ETFs. As a result, investors can now invest in Bitcoin in the traditional way. People are also encouraged to invest in it.