Bitcoin reached a very high price on Monday, going over $65,000. This is the highest it has been in two years and it’s getting close to its highest price ever.
The price went up to $65,537 in Europe and then it stayed around $65,045. Back in November 2021, Bitcoin reached its highest ever price of $68,999.99.
This year, Bitcoin has gone up by 50%. Most of this increase has happened in the last few weeks. A lot of money has been put into U.S.-listed bitcoin funds, which has caused the price to go up even more.
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Big Investors Get Involved
This year, special funds called spot bitcoin exchange-traded funds were allowed in the United States. This has allowed big investors to get involved in Bitcoin. It has also made people more excited about Bitcoin, like they were in 2021.
Markus Thielen, who works at a company that studies cryptocurrencies in Singapore, said, “More and more people are investing in Bitcoin as the price keeps going up.”
Big Money Moves In
In the first week of March, over $2 billion was put into the ten biggest U.S. bitcoin funds. More than half of this money went into a fund called BlackRock’s iShares Bitcoin Trust. This shows that big investors are very interested in Bitcoin.
Another cryptocurrency called ether has also gone up a lot this year. People think that it might also get special funds like Bitcoin. Ether went up by 50% this year and on Monday it was selling for $3,518.
Bitcoin and the Stock Market
Bitcoin going up in price has happened at the same time as the stock market doing well. Stock indexes from Japan’s Nikkei to America’s S&P 500 and Nasdaq have broken records. This means people are feeling good about investing in stocks and cryptocurrencies.
Brent Donnelly, who works at a company that studies markets, said, “When the stock market does well, usually Bitcoin does too. Bitcoin is like a high-risk investment, and when things are going well, people like to invest in it.”
Conclusion
Right now, it feels like the market is like it was in 2021. Everything seems to be going up, and people are excited about investing. Bitcoin’s price going up is just one part of this bigger trend.
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