The price of bitcoin has risen by almost 10 percent in the past 24 hours.
Photo: DADO RUVIC / X02714Published: Published:
27th of February
After a prolonged decline since peak levels on the eve of 2021, the price of the cryptocurrency has rebounded strongly recently.
On Tuesday afternoon, the bitcoin price is over 57,000 dollars, according to the overview Coin Marketcap.
$57,000 per bitcoin is a price not seen since the end of 2021. Since the new year, the bitcoin price has risen over 30 percent.
There are institutional investorsinstitutional investorsInstitutional investors can be companies that invest money on behalf of others, such as mutual funds or insurance companies. which is driving the price rise recently, writes Bloomberg.
The demand is linked to the launch of so-called ETF fundsETF fundsAn exchange-listed fund (ETF) is a collection of securities. ETFs are traded on an exchange, in the same way as shares. in the United States. Earlier this year, such funds were given the go-ahead for bitcoin.
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– We do not expect people to withdraw from bitcoin given the breakthrough and the positive movement in the medium term, says Katie Stockton, the founder of Fairlead Strategies, to Bloomberg.
The background for this year’s bitcoin jump is also linked to the fact that it will soon be time for another round of “halving”, a process in which the supply of bitcoin is reduced.
“Halving” happens every four years and is part of the process of ensuring that the total amount of the cryptocurrency does not exceed 21 million.
The highest bitcoin quote to date is just under $69,000 and was recorded in 2021.