Bitcoin's renewed euphoria as price keeps rising
The world's biggest cryptocurrency reached $52,749, a high since December 2021. Its market capitalisation also went back above $1 trillion this week, according to cryptocurrency data platform CoinGecko.
Bitcoin's price has soared by more than 20 percent this month and more than tripled since January last year.
While it has yet to return to near its historic record of November 2021, at nearly $69,000, the cryptocurrency has largely recovered since a price collapse at the end of 2022.
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View Details»Bankruptcies of several sector giants, especially the cryptocurrency exchange platform FTX, previously undermined investor confidence and caused bitcoin's price to collapse over a year ago.
Its recovery comes largely thanks to US regulators allowing the creation of exchange-traded funds (ETFs) that track bitcoin's price and let the public invest in the digital currency without directly purchasing it.
Once the greenlight was given, making investing in bitcoin more widely available, its value dropped on profit-taking.
But investment is pouring in again, helping bitcoin rally once more.
«Outflows having dried up… bitcoin is back to trading on (market) fundamentals» such as supply, said James Harte, analyst at brokers Tickmill.
Prior to this, and anxious to recover their stake when bitcoin's price dropped, some investors made massive
