The price of Bitcoin has recently surpassed its all-time high of $69,000 after a period of 846 days. The main cryptocurrency in the market has recorded an increase of about 70% during the current year. Let’s see all the details below.
Summary
Bitcoin reaches $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 today surpassed its previous all-time high of $69,000
The main cryptocurrency in the market took a total of 846 days to fully recover.
Bitcoin has shown an appreciation of about 346% since it hit the bottom above $15,000 in the last quarter of 2022. Just this year, it has recorded an increase of about 70%.
Significant events, such as the collapse of the Earth Moon ecosystem and the consequent failure of the FTX cryptocurrency exchange, have influenced the bearish cryptocurrency market, creating uncertainty in the sector as a whole.
The approval in the United States of exchange-traded funds linked to bitcoin has catalyzed the new bull market of cryptocurrencies, with flows that have exceeded bullish expectations.
The daily trading volume has seen an increase parallel to the inflows of Bitcoin ETFs, with a rising trend since the end of last year.
During the past week, the price of Bitcoin in euros and British pounds reached all-time highs, while its market capitalization in dollars exceeded the previous record of $1.303 trillion.
Bullish phase: expectations for the halving and record inflow in the 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 entering a bullish zone.
Some indicate that this is not just a bullish race, but rather a warming up for what could happen, especially during the Bitcoin halving period.
Analysts predict that investors will make massive inflows into the market, further intensifying the bullish trend.
At the same time, there is the possibility for short-term traders to exit the market with significant gains. The key remains in maintaining stability during volatility and waiting for the token to surpass the $100 threshold, a long-awaited milestone.
Furthermore, Bitcoin could experience a price increase for two main reasons. First, due to the upcoming halving, which will reduce the supply to make the token more scarce, and the huge influx in the Spot Bitcoin ETF.
While the effect of the halving may take some time to fully reflect, the impact of the ETF is evident with an accumulation of value exceeding 7.6 billion dollars.
BlackRock, Grayscale and Fidelity lead the segment, fueling enthusiasm among BTC supporters and raising high expectations for the days to come.
South Korea: discussion on the approval of spot Bitcoin ETFs
In the midst of the 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 engaged in discussions about the possibility of authorizing spot Bitcoin ETFs.
According to Reuters, Lee Bok-hyun, head of the financial supervision service, stated in a radio interview that discussions are ongoing among the country’s authorities regarding the possible legalization of Bitcoin Spot ETFs.
Despite diverging perspectives within regulatory environments, Lee remains optimistic about virtual resources 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 one of the main concerns for South Korean regulators.
Although financial authorities initially stated they had no intention of regulating Bitcoin ETFs in January, the spot sales of Bitcoin ETFs have raised doubts according to the Capital Market Act.
Lee anticipates public involvement in the issue after regulatory scrutiny of virtual assets in the second half of the year.
The planned discussions between South Korean regulators and the United States 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.
