The digital currency Bitcoin rose to its highest level since the end of 2021 on Monday with a price of more than $ 53,000. The oldest and best-known digital money exceeded the psychologically important mark of $50,000 around two weeks ago.
Bitcoin has been benefiting from increasing interest for some time. Among other things, the approval of special Bitcoin funds is likely to continue to have an impact. These funds were approved by the US Securities and Exchange Commission in January, which initially only led to short-term price euphoria. The approved spot ETFs on Bitcoin are novel because they allow investors for the first time to invest in Bitcoin without having to directly purchase the digital currency itself.
Another upcoming event could also make investors look positively on Bitcoin: the next so-called “Halving” is scheduled for April. This reduces the reward that Bitcoin miners receive for verifying crypto transactions. Ultimately, the process leads to a slower growing supply of Bitcoin, which has usually resulted in rising prices.
