Bitcoin briefly topped $70,000 on Monday.
At one point, it was $3,931 higher than its previous close and 82.3% higher than its 2024 low on January 23 (Reuters) report Monday (May 20th).
The report attributes some of this rise to the approval and launch of the Spot Bitcoin exchange-traded fund (ETF) this year, which has attracted new investors and reignited excitement around the cryptocurrency. It is said that this has reversed the collapse in prices seen during the “virtual currency market” period. Winter 2022”.
Similarly, Cointelegraph noted a “notable spike” in spot purchases and spot Bitcoin ETF purchases. report On Monday, Bitcoin broke through the $70,000 level.
of bitcoin price Topped all-time record It hit $73,000 in March as investors rekindled the cryptocurrency after the Securities and Exchange Commission (SEC) approved a Bitcoin ETF earlier this year.
Also on Monday, it was reported that venture capital investment in crypto companies is increasing after nearly two years of stagnation.
On May 2nd, when we announced our latest quarterly results, blockI am the owner of cash app and squareIt was also revealed that the company is a major shareholder. Bitcoin.At the end of the quarter, his $200 million investment in the company was Bitcoin It grew by about 160% to reach $573 million.
“We believe the world needs open money protocols that are not owned or controlled by a single entity,” said CEO Block. jack dorsey said in a letter to shareholders. “we believe Bitcoin is the best and only candidate to become that protocol and ultimately the native currency of the Internet. ”
In April, the latest Bitcoin “halving” (a pre-programmed event that occurs every four years that halves the amount of coins that can be mined) occurred, and as planned, the popular cryptocurrency has become even more rare.
At the time, it was reported that many investors were expecting significant gains in the coming months based on past performance. After halving in 2012 and 2016 and Bitcoin's price surged about 93 times and 30 times in 2020 and From the halving day price to the cycle peak is 8 times each.
