Post by : Raina Mansoor
Bitcoin, the world’s most valuable cryptocurrency, reached a new all-time high this Wednesday. It went past its previous record from January, showing strong confidence from investors. According to Coin Metrics, Bitcoin was last trading at $108,955, up by nearly 2%. It even reached a high of $109,857 during the day.
This rise in Bitcoin’s price comes at a time when the overall market is doing better. The Nasdaq, which includes many technology companies, is up by 30% since its low point in April. Bitcoin often follows the trends of technology stocks because it is considered a risky but rewarding investment.
Another reason for Bitcoin’s rise is the weakening of the US dollar. When the dollar becomes weaker, Bitcoin tends to become more valuable in global markets.
Experts also say that more traditional financial institutions are showing interest in Bitcoin, which is helping its price go up. For example, Jamie Dimon, the CEO of JPMorgan, who has been skeptical about cryptocurrencies for a long time, recently said that his clients can now buy Bitcoin. This was seen as a big sign that Bitcoin is becoming more accepted. In addition, Coinbase, a popular cryptocurrency exchange, will soon be included in the S&P 500 index. This move shows that Bitcoin and crypto companies are becoming part of the mainstream financial world.
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However, Coinbase has also announced that it is under investigation by the US Department of Justice because of a recent data breach. This comes at the same time as Coinbase is celebrating its inclusion in the S&P 500.
Even though there are worries about regulations and the cryptocurrency’s past price ups and downs, many investors and institutions are watching Bitcoin closely. They are waiting to see if clearer rules for cryptocurrencies will be made in the US and other important countries.
Overall, Bitcoin’s recent success highlights how the market and financial world are changing, but some challenges remain ahead.
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