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On Tuesday, the most traded cryptocurrency in the world surpassed for a few minutes the highest level in its history, of almost $69,000. However, this Wednesday, March 6, it was returned to just over $62,000.
On Tuesday, March 5, 2024, bitcoin investors witnessed a milestone that ended months of “crypto winter” full of bankruptcies and high-level corporate scandals: the most traded cryptocurrency in the world surpassed its own historical record.
However, the cryptocurrency closed well below that level and, at midday on Wednesday, it showed slight symptoms of recovery to be trading at around $62,000, far from that psychological barrier of $69,000 that it reached in November 2021. .
Gold and Bitcoin both hit fresh record highs yesterday. Both are viewed as the ultimate forms of money by their fans, and yet the driving forces pushing each of them higher appear to be very different. What's going on? https://t.co/eFOrHm7Eql
—Bloomberg (@business) March 6, 2024
The value of bitcoin has already risen more than 50% so far this year. For analysts, the result is driven by the authorization of investments in cryptographic products on the United States stock market.
Billions of dollars have flowed into financial instruments called ETFs in recent weeks, ending an 18-month streak of declines. Even those institutional investors who once rejected cryptocurrencies due to their sharp movements have also begun to commit money for the long term.
Still, experts agree that it is difficult to get rid of the speculative nature of these assets. After hitting the all-time high on Tuesday for just a few minutes, bitcoin sharply reversed course and fell more than 10% below the $60,000 level in less than a day.
With EFE, Reuters and AFP
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