Bitcoin price rises to highest level in two years. Yesterday, Wednesday, the price of bitcoine this cryptocurrency rose to 60 thousand dollars. This increase in the value of Bit Coin is due to the increase in investment in US Spot Bit Coin Exchange Traded Products. The price of this cryptocurrency has increased by 42 percent so far this month alone.
As a result, after December 2020, this February is going to be the highest price increase of Bitcoin, according to Reuters.
Yesterday, the price of Bitcoin rose 8 percent to $61,272; Which is the highest since November 2021. At that time, the price of Bitcoin rose to about 70 thousand dollars. On a weekly basis, 21 February – Bitcoin is going to see its highest price increase in the following week. After that day, the price of Bitcoin increased by 18.5 percent.
Investors are now flocking to Bitcoin as the cryptocurrency market is set to taper off in April. In addition, this year, the United States central bank Federal Reserve will reduce the policy interest rate several times, in view of the news that investors are now investing in the assets that have the possibility of getting more profit by investing.
The US Securities and Exchange Commission (SEC) approved investing in Bitcoin through ETFs earlier this year. As a result, investors can now invest in Bitcoin in the traditional way. This approval is said to be a landmark event in the world of cryptocurrency. Through this, people are also encouraged to invest in Bitcoin as the opportunity to invest in it traditionally has been created.
Coinbase Global, the largest crypto exchange in the US, said yesterday that investment through its exchange has increased.
Meanwhile, according to the data of another crypto exchange Coingeco, the value of all the bitcoins in the market exceeded two trillion or two hundred million dollars for the first time this month. Also, the price of Bitcoin has doubled in the last four months.
Many institutions are now investing in Bitcoin after the approval of investing in Bitcoin through ETFs. Three of the most popular ETFs, namely Grayscale, Fidelity and BlackRock, rose in exchange. 110 million or 11 crore shares of these 3 funds were exchanged last Monday and Tuesday.
Meanwhile, software company and crypto sector investor MicroStrategy recently invested $15.5 million in 3,000 bitcoins. At the same time social media Reddit entered the crypto world; Along with Bit Coin they bought Ether. Meanwhile, along with Bit Coin, the price of Ether has also increased. In February, the price of Ether rose 47 percent to $3,353. As a result, it has reached its highest point in the last two years.
Read also : “EUR/USD: Modest Intraday Losses Amid Limited Downside Potential
