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Bitcoin sets a new record by exceeding $69,000 for the first time

MADRID, 5 Mar.

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Bitcoin sets a new record by exceeding $69,000 for the first time

MADRID, 5 Mar. (EUROPA PRESS) -

The price of bitcoin continues its climb, which has helped it establish a new intraday historical high by exceeding the threshold of $69,000 for the first time, thus shattering its previous record from November 2021.

According to data from Coin Desk consulted by Europa Press, the reference cryptocurrency was exchanged during the session for up to $69,208.79, although it subsequently relaxed its momentum to just over $66,000.

The meteoric revaluation of bitcoin reflects a revaluation of practically 44% in the month of February alone, its best month since December 2020 and more than 60% so far this year, while since October of last year the rise would be around 160%.

With the new record reached this Tuesday, bitcoin has thus definitively left behind the 'crypto winter', the crisis that between the spring of 2022 and the fall of 2023 depressed its price, which fell below $16,000 at the end of 2022 , after the problems initially unleashed by the Luna token, which would trigger a succession of bankruptcies and interventions, which culminated in November 2022 with the bankruptcy of FTX.

In this sense, one of the factors that has underpinned the recent rise of the cryptocurrency would be the approval in early January of the necessary regulatory changes by the SEC for the implementation of bitcoin spot exchange-traded funds (ETFs), which which allows expanding the scope of investment in crypto assets.

"Bitcoin has reached an all-time high, but driven by factors other than those of 2021," highlighted Eric Demuth, co-founder and CEO of Bitpanda, for whom the approval of the bitcoin spot ETF has attracted institutional capital from the United States, which has further propelled the bullish market sentiment.

Likewise, Demuth points out that another factor to take into account is that the correlation of the crypto market with the traditional financial market grows and moves in similar cycles, adding that this situation of high demand is benefited by potentially lower interest rates and a positive macroeconomic outlook

"The crypto sector has moved beyond being a niche industry, experiencing a fundamental increase in demand within a clear regulatory framework. A good example are initiatives such as MiCa in Europe that improve sector standards and pave the way for the integration of bitcoin in the financial sector," he points out.

Likewise, another of the arguments that support the rise in the price of bitcoin would be the next halving, scheduled for April, an automated process that every four years reduces the reward for mining bitcoin blocks, which implies that miners receive 50 % less bitcoins for verifying transactions, which can lead to a greater rise in the price of the cryptocurrency, as corroborated by historical data.

"The next bitcoin halving in April is expected to boost its price even further, in line with historical data from other halvings in which there has been a long-term price increase," says Demuth, for whom numerous positive aspects for 2024 "that will give the crypto market a big boost."

Keywords:
Bitcoin