Bitcoin broke record after 28 months, price crossed 69 thousand dollars - Newztezz Online

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Wednesday, March 6, 2024

Bitcoin broke record after 28 months, price crossed 69 thousand dollars


Bitcoin has broken its own record after 28 months. In the first week of November 2021, Bitcoin made a record of life time high with $68,991. Which has currently crossed 69 thousand dollars. Bitcoin has given returns of about 60 percent to investors in the current year and 200 percent in the last one year.

The world's largest cryptocurrency broke the record of its lifetime high after 28 months. The price of Bitcoin has crossed 69 thousand dollars in the international market. In the current year, Bitcoin has given returns of more than 60 percent to investors. According to experts, there are two main reasons for the rise in the price of Bitcoin. The first reason is that people are continuously investing in exchange traded funds of cryptocurrencies in America. Due to which there is an increase in demand for Bitcoin. The second major reason is the possibility of reduction in interest rates by the US Federal Reserve Bank. Soon the price of Bitcoin may be seen crossing 70 thousand dollars. Bitcoin has broken its own record after 28 months. In the first week of November 2021, Bitcoin made a record of life time high with $68,991. Which has currently crossed 69 thousand dollars.

Bitcoin reaches lifetime limit

On Tuesday, the price of Bitcoin in the international market reached a record level after 28 months. The price of Bitcoin has also crossed the level of November 2021. During the trading session the price of Bitcoin reached $69,208.79. Whereas in the first week of November 2021, the price of Bitcoin was at $68,991. The special thing is that the price of Bitcoin had reached below 20 thousand dollars during these 28 months. The main reason for which was the continuous increase in interest rates. Due to which an increase was seen in the dollar index. Along with the price of Bitcoin, there was a decline in other cryptocurrencies.

Why did the increase occur?

Two main reasons are being given for the rise in Bitcoin. The first reason for this is the increasing demand for Bitcoin in US cryptocurrency exchange traded funds. Due to less supply, an increase in prices is being seen. The second major reason is that the US Federal Reserve may announce a cut in interest rates in the coming months. Due to which there is a decline in the dollar index and an increase in the price of bitcoin. According to experts, after the approval of 11 spot Bitcoin ETFs by the Securities and Exchange Commission in the US at the end of January, the interest of investors in it has increased. Due to which an increase in prices is being seen.

When Bitcoin went into recession

Yes, there was a recession in Bitcoin from the year 2022. There was a recession in the Bitcoin or rather cryptocurrency market for about one and a half years. By December 2022, the price of Bitcoin had fallen below $16000. Another important reason for this was that apart from the continuous increase in interest rates during this period, many crypto corporates went bankrupt and scams came to light in many companies. Due to which the interest of investors towards Bitcoin decreased. This was the reason why the world's largest cryptocurrency remained in the grip of recession for about one and a half years.

200 percent return in one year

Since October, Bitcoin has seen an increase of about 160 percent. In which an increase of 44% has happened only in February. If we talk about the current year, Bitcoin has given returns of around 60 percent to investors. Whereas in the last one week the price of Bitcoin has increased by more than 20 percent. Bitcoin has given 200 percent return to investors in one year. In the last one month this return has reached almost 60 percent. If experts are to be believed, we may see further increase in the price of Bitcoin in the coming days.

Will Bitcoin cross 70 thousand dollars?

There is every possibility of reduction in interest rates. This will be clearly indicated by Fed Chairman Jerome Powell's speech on Thursday. It is being estimated that on May 1, Jerome Powell may announce a cut in the policy rate by 0.50 percent. Due to which there will be a decline in the dollar index and an increase in the prices of other cryptocurrencies including Bitcoin. According to experts, the price of Bitcoin may cross one lakh dollars by the end of the year.

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