Leading Online Desk : Bitcoin, the leading cryptocurrency, hit a record high on Friday. The rally pushed the price of one bitcoin to a record-breaking $70,136 on Friday. The price later dropped to $68,245.48. Due to this unprecedented Bitcoin boom, the market cap of the token has reached $1.34 trillion. Bitcoin price has increased by 61.57 percent in the last few days. (Bitcoin)
Rising demand from institutional investors, the rise in Bitcoin EFTs and the planned BitCoin Halving in April have boosted prices. Live Mintsaid in the news. There are over 1.9 million bitcoins in the market, 70 percent of which are bitcoin holders who have not sold bitcoins in a year, indicating a long-term investment trend. Bitcoin has been trading consistently above $68,300 over the past 24 hours. (Bitcoin)
After hovering above the $68,300 threshold, the #Bitcoin price finally tested the $70,000 level and touched a new peak of the $70,136 mark in the last 24 hourshttps://t.co/toYSMTispR
— Mint (@livemint) March 9, 2024
Why did bitcoin rise | Bitcoin
Even as the US economy is improving, the price of Bitcoin is increasing. Interest rates had come down during the Corona period, making it easier for people to take out loans and invest. Later, after Russia attacked Ukraine, interest rates rose again and the price of Bitcoin began to fall. In December 2023, the Federal Reserve, the US central bank, announced that it would not raise interest rates. 3 lakh 53 thousand jobs have been created in the month of January as the US economy is improving due to the decrease in inflation. Also, nine new Bitcoin ETFs launched in January. This ETF started trending on its first day 4 billion dollars Sales were recorded.
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