Bitcoin hit a record high of more than $69,000 on Tuesday, capping a remarkable comeback for the volatile cryptocurrency after its value plunged in 2022 amid a market meltdown. <\/p>\n
Bitcoins price has risen more than 300 percent since November 2022, a resurgence that few predicted when the price dropped below $20,000 that year. Its previous record was just under $68,790 in November 2021, as crypto markets boomed and amateur investors poured savings into experimental digital coins. <\/p>\n
The cryptocurrency was pronounced dead for the 150th time, said Cory Klippsten, the chief executive of Swan, a financial services firm focused on Bitcoin. And Bitcoin continues to do what Bitcoin does, which is win people over as they take the time to actually learn about it. <\/p>\n
Bitcoins recent surge has been driven by investor enthusiasm for a new financial product tied to the digital coin. In January, U.S. regulators authorized a group of crypto companies and traditional finance firms to offer exchange-traded funds, or E.T.F.s, which track Bitcoins price. The funds provide a simple way for people to invest in the crypto markets without directly owning the virtual currency. <\/p>\n
As of last week, investors had poured more than $7 billion into the investment products, propelling Bitcoins rapid rise, according to Bloomberg Intelligence. <\/p>\n
The price of Ether, the second-most-valuable digital currency after Bitcoin, has also risen more than 50 percent this year, reaching about $3,800. Its increase has been driven partly by enthusiasm over the prospect that regulators may also approve an E.T.F. tied to Ether. <\/p>\n
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Follow this link: Bitcoin hit a record high of more than $69,000 on Tuesday, capping a remarkable comeback for the volatile cryptocurrency after its value plunged in 2022 amid a market meltdown. Bitcoins price has risen more than 300 percent since November 2022, a resurgence that few predicted when the price dropped below $20,000 that year. Its previous record was just under $68,790 in November 2021, as crypto markets boomed and amateur investors poured savings into experimental digital coins Continue reading
\nBitcoin Reaches Record High of $69,000, Recovering from 2022 Meltdown - The New York Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"