Bitcoin: today’s price is the highest of the past year

Today’s Bitcoin price is the highest it has been in the past year. It is a 62% annual pump that has seen BTC exceed $30,000. 

Bitcoin: today’s price is pumping +62% over the past year

Looking at CoinMarketCap‘s chart, today’s Bitcoin price is the highest in the past year. Specifically, compared to last July, the queen of crypto BTC has experienced a +62% price pump. 

In reality, we are still halfway to touching its all-time high (All-Time High or ATH) of $69,000 recorded in November 2021, but BTC’s recovery and advancement is promising. 

Indeed, its growth comes despite all the crisis events that the entire crypto sector has had to endure, such as the collapse of FTX and the failures of several regional banks. 

Bitcoin’s resilience is strong, and perhaps now it is really itching to shine again. Supporting this idea is precisely BlackRock’s recent news of creating the first Bitcoin ETF in the US that would bring adoption of the queen of crypto assets even at the institutional level. 

Indeed, in addition to strengthening Bitcoin’s reputation as an emerging asset, a BlackRock spot ETF would make it easier for institutions to gain exposure to BTC. 

Bitcoin: trading volume up 45% in the last 24 hours

Another significant piece of data is the trading volume in the last 24 hours recorded by BTC, which sees a 45% increase. 

Furthermore, looking at other data regarding the queen of crypto, such as market capitalization, much like the price of bitcoin, it is also seeing increases. 

In fact, at the time of writing, Bitcoin’s total market cap is $603 billion. As of yesterday, however, the market cap had hit $608 billion. 

That’s an excellent milestone compared to even last July, when BTC’s total capitalization was $385.45 billion. But still a long way from the $1.27 trillion total Bitcoin market cap recorded in November 2021. 

Worth noting is that, at the time of writing, the number of Bitcoin in circulation stands at 19,419,300 BTC, which is a whopping 92.47% of the total. 

Bitcoin: today’s price and the incoming halving

Among the events affecting the Bitcoin ecosystem, it is impossible not to mention the halving, which in itself does not have a direct impact on the price of BTC, but does influence it. 

The upcoming fourth halving of BTC will occur in 2024, at block number 840,000, which, according to estimates, may occur between this coming March and April. 

This event, which involves halving the number of BTC as a reward for miners, reduces the selling pressure both to them and to the crypto market in general. 

However, the decrease in selling is not indicative of an increase in the price of BTC, and in fact it has never happened that a bull run was triggered in the very days following the halving. 

The previous three halvings reported similar events, defined as speculative bubbles that inflated in the years following the halving, respectively in 2013, 2017, and 2021. 

Then again, the price history of the crypto queen shows that in the following year of that bubble, it burst, returning the price of BTC to its pre-halving value. 

These events could trigger expectations about the current price of Bitcoin, in anticipation of the upcoming fourth halving. 

Bitcoin: today’s price and El Salvador’s latest move

It has been since September 2021, that El Salvador decided to make Bitcoin the country’s legal tender, aiming to revolutionize its economy through financial inclusion. 

Under the leadership of its President, Nayib Bukele, the Central American country recently decided to embark on an ambitious project to create one of the largest Bitcoin mining farms in the world. 

It is Volcan Energy, the group that yesterday announced the investment of as much as $1 billion to create the innovative and environmentally sustainable new facility. 

The idea is to harness El Salvador’s abundant energy resources to power the massive Bitcoin mining operation. 

Not only that, to succeed in this mission, a collaboration has been established between key industry leaders and renewable energy developers, who have set a new standard for achieving eco-friendly mining of the queen of crypto. 

As such, El Salvador, with its year-round tropical climate and abundant geothermal energy resources, is increasingly becoming a place-nation dedicated to this type of activity. 

The latest news on BlackRock’s spot ETF

Regarding the case of spot Bitcoin ETFs presented by BlackRock, news has been leaked involving Coinbase as a partner for “surveillance sharing.” 

In essence, in an attempt to clear up all the doubts of the US Securities and Exchange Commission, which has yet to approve any application for spot Bitcoin ETFs, BlackRock would involve Coinbase in its application. 

This is a Nasdaq-Coinbase agreement that will complement the exchange’s surveillance program. 

However, on 30 June, the SEC still stated that crypto ETF filings with Nasdaq are not clear and comprehensive enough and require further information on surveillance arrangements. 

At the moment, therefore, there are still no confirmations and approvals, but the news has led to a 16% pump in the last five days of the crypto-exchange’s shares, COIN. 

This period also marks some competition among the financial market giants, on who will get the first spot Bitcoin ETF in the US. 

Among the contenders, there is also Fidelity Investments, which has filed its spot Bitcoin ETF, and is also awaiting SEC approval.