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Bitcoin price has set a three-year record

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Support for Bitcoin comes from the fact that the US Securities and Exchange Commission (SEC) has officially approved the launch of the first 11 ETFs that invest directly in Bitcoin.

The price of the world’s most popular cryptocurrency, Bitcoin, has exceeded $50 thousand. This is the highest number since December 2021, MarketWatch reported last night.

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As of Tuesday morning, Bitcoin is up 4.16% and is worth $50,125. In the last seven sessions, the cryptocurrency gained 11% in price after growing two and a half times in 2023.

Support for Bitcoin comes from the fact that the US Securities and Exchange Commission (SEC) has officially approved the launch of the first 11 ETFs that invest directly in Bitcoin. According to Fundstrat’s Sean Farrell, Bitcoin has also recently been supported by strong demand in the spot market.

At the same time, the value of Bitcoin may reach $160 thousand by the end of 2024 and $350 thousand in the second half of 2025, said Mark Connors, head of research at digital asset management company 3iQ.

It was noted that as of Monday the value of all Bitcoins in circulation in the world was $977 billion, according to CoinMarketCap. This week the number could exceed $1 trillion, said Greg Magadini, head of derivatives at Amberdata.

We remind you that in January the United States took an important step towards legalizing Bitcoin. The SEC allowed fund industry heavyweights BlackRock, Invesco and Fidelity to compete with smaller rivals including Valkyrie to begin trading.

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Source: korrespondent

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