Bitcoin price reaches $60,000 and is approaching its highest level

Muhamed abdo - | Business

The price of Bitcoin is close to reaching its highest price, as it is currently at $60,000

Wednesday saw the passing of the $60,000 threshold for Bitcoin, bringing it closer to its peak and continuing its unchecked ascent since the adoption of a new kind of investment that is correlated with the cryptocurrency.

Bitcoin price reaches $60,000

Bitcoin was trading at almost $60,301 at 13:25 GMT, getting closer to its all-time high of $68,991, which was reached in November 2021 and is, according to some analysts, currently achievable.

Exchange-traded funds (ETFs) linked to bitcoin have been approved by US securities authorities on January 10. This means that, in theory, a larger audience may now invest in the cryptocurrency without having to own it personally. Nonetheless, the funds themselves make investments in virtual money.

The price of the new investment product had risen in previous months due to expectations of approval, but it had mostly dropped by the end of 2022 as a result of the collapse of numerous major cryptocurrency companies.

According to Mikkel Morch of specialized fund ARK36, the introduction of exchange-traded funds, or ETFs, in the US has "injected a fresh wave of optimism, propelling trading volumes and spotlighting crypto-linked firms."

From an accessibility perspective, the products are similar to equities or mutual funds for regular investors.

Following the fund's conversion into an ETF, a wave of large withdrawals from the GBTC (Grayscale Bitcoin Trust) fund was originally caused by some investors seeking to recover their losses.

However, once the selling frenzy passed, money started flowing into US bitcoin ETFs, including the one run by the massive asset management company BlackRock.

Since the beginning of the year, exchange-listed investment products tied to cryptoassets have drawn almost $5.7 billion, according to figures released on Monday by asset management CoinShares.

Software company MicroStrategy claimed on Monday that it had bought an additional 3,000 bitcoins, which were then valued at $155 million, as more proof of "the growing institutional endorsement that's fuelling this rally" in prices, according to Morch.

With this transaction, their total bitcoin holdings increased to 193,000 (or around $6.09 billion).

When powerful computers solve challenging puzzles to confirm transactions recorded on the blockchain, Bitcoin is generated, or "mined."

Tickmill analyst James Harte observes that prices are also supported by large industry participants purchasing bitcoin before the "halving," or splitting of the payout for the token's miners in half.

The next due date for the about every four-year occurrence is in April.

It is anticipated to decrease the rate at which new bitcoins are introduced to the market, hence decreasing the amount of bitcoins that might be bought, thus increasing its value.

According to Nigel Green, head of financial advice company deVere Group, "when the issuance of new bitcoin slows down, the existing scarcity of the digital asset becomes even more pronounced, typically leading to increased demand and, subsequently, higher prices."

He went on, saying, "Cryptocurrencies are still very speculative, but the huge demand for spot ETFs and the impending halving event should keep the current momentum going, which could push bitcoin over $69,000."

The expectation that the US Federal Reserve would begin to reduce interest rates this year as inflation starts to decline has also helped the virtual unit.

About Author

Muhamed abdo
Muhamed abdo
490 Total posts


Read Also

Business
Dubai Real Estate Sector Reports $4.3 Billion in Transactions Last Week

Last week, Dubai's real estate sector saw a remarkable surge in transactions, with a total value exceeding AED15.9 billion ($4.3 billion), according to data released by the Dubai Land Department.

Business
Qatar Real Estate Sector Achieves $110 Million in Weekly Transactions

Qatar's real estate sector recently witnessed a bustling week of transactions, amounting to more than QR398 million ($109.4 million) from June 9 to 13, 2024, according to official data from the Ministry of Justice's Real Estate Registration...

Business
UAE: "Emirates Airlines" and "Flydubai" schedule 4.36 Mn seats for June flights

Data from OAG reveals significant growth in seat capacity for Emirates Airlines and Flydubai ahead of their summer flight schedules. Together, these airlines will offer approximately 4.36 million seats on international flights departing in June 2024....

Business
UAE: First-class football clubs exempt from Dh5-million fines in recent decision

The UAE Football Association (UAEFA) has announced a significant initiative to support First Division clubs by waiving all accumulated fines totaling Dh5 million from previous seasons.

Business
Dubai Unveils Major $78 Mn Reservoir Project to Enhance Water Storage Capacity

The Dubai Electricity and Water Authority (DEWA) has announced the commissioning of a new water reservoir in Enkhali, a strategic move aimed at safeguarding Dubai's water supply in the event of emergencies.

Business
Vietnamese EV manufacturer "VinFast" launches new regional headquarters in Dubai

The Dubai International Chamber has played a pivotal role in supporting VinFast Trading and Production Joint Stock Company, a pioneering electric vehicle manufacturer from Vietnam, in establishing its regional headquarters in Dubai.

Business
Abu Dhabi launches massive $6bn Arabian Hills project on Dubai to Al Ain road

The Arabian Hills Real Estate Development Company proudly unveils its flagship project, the Arabian Hills Estate, marking a significant milestone in the realm of real estate development in Abu Dhabi.

Business
Urgent UAE: Implementing the “noon work ban” starting mid-June

The Ministry of Human Resources and Emiratisation has declared the implementation of a prohibition on working outdoors in direct sunlight and open areas. This ban will be in effect from June 15th until September 15th, between the hours of 12:30 PM...

Business
UAE: 5 potential risks of “remote” work

The UAE Government Cybersecurity Council emphasized the significance of safeguarding the remote work environment, highlighting the potential hazards that users may encounter on their devices. It emphasized the need to deploy robust security measures...

Business
A statement from Sheikh Mohammed bin Rashid regarding work in the private sector

It is His Majesty In the United Arab Emirates, Sheikh Mohammed bin Rashid Al Maktoum, who holds the positions of Vice President, Prime Minister, and Ruler of Dubai, assessed the outcomes of the Emiratization plan implemented in the private sector....

Business
Future Jobs in Emirates: The labor market is a criterion for choosing a field of study

Academic advisors have verified that the labor market has experienced significant transformations in recent years, profoundly impacting university majors. These changes have redirected students' focus towards emerging majors that were previously...

Business
Dubai Police announces 150 vacancies

By announcing the availability of 150 job opportunities for national and reserve service recruits, the Dubai Police General Command is providing these individuals with the opportunity to become part of an innovative and advanced police work...

Business
UAE jobs: Emirates hotels provide 4,000 new jobs

The best hotels in the Emirates provide employment opportunities for thousands of job seekers. job seekers in the uae hotels

Business
Dubai: A company made 16 of its workers millionaires in their honor

In Dubai, a company has made sixteen of its employees millionaires in their honor.

Business
Dubai Court: Worker compensation of 500 thousand UAE dirhams

The Dubai Civil Court has issued a ruling that mandates a restaurant and two of its supervisors to provide a sum of 500,000 dirhams to a worker who sustained a wrist-level amputation as a result of their right hand slipping into a meat-mincing...

Business
What happens after applying for a work permit in Canada?

Prior to coming to Canada, it is necessary to submit an application for a work permit. Foreign workers who wish to apply for a visa while located outside of Canada will be required to submit their application to a visa office situated outside of...

Business
UAE: the details of the 10-year golden commercial license for expatriates

The United Arab Emirates has announced a golden commercial license for expatriates that is valid for ten years.

Business
UAE: Important statement to citizens and residents when purchasing from sales outlets

Abdullah Sultan Al Fan Al Shamsi, the Assistant Undersecretary of the Ministry of Economy for the Commercial Control and Governance Sector, emphasized the importance of consumers retaining purchase invoices. This is crucial as these invoices serve as...

Business
Dubai: A fine of 100,000 dirhams will be imposed on the establishment owner who violates the labor law

The Dubai Court of First Instance issued a second ruling against the establishment owner for violating the Emiratisation policy in the "Nafes" program. The owner was fined 100,000 dirhams for engaging in fraudulent Emiratisation practices....

Business
The UAE announces the details of reducing working hours in Ramadan for the public and private sectors

Workers in the private sector will have a two-hour break each day during the holy month of Ramadan, according to an announcement by the country's Ministry of Human Resources and Emiratisation.

Business
UAE: Banks warn against closing credit cards in this case

Banks in the country will close credit cards with balances exceeding the allowed credit limit starting May 1st, as per new terms and conditions sent to customers, a copy of which was obtained by Emirates Today.

Business
UAE: Announcing an increase in gasoline and diesel prices starting in March

The Fuel Prices Monitoring Committee has authorized a rise in gasoline and diesel prices for March 2024, with an increase ranging from 15 to 16 fils per liter for gasoline and 17 fils per liter for diesel compared to February 2024 pricing.

Business
UAE: Announcing job opportunities with salaries from 5,000 to 20,000 dirhams

The portal "Kaddar", linked to the Human Resources Department in Ajman, provided job opportunities for citizens in various government and private sectors in the emirate. The Majid Al-Futtaim Group announced 15 job openings with wages...

Business
Canada announces lucrative job opportunities that do not require a certificate

Canada announced that there are many good jobs that can be accessed without a university degree, and these are some of them:

Business
Urgent UAE: Categories excluded from the provisions of the “New Pensions Law”

The General Pensions and Social Security Authority stated that Decree Law No. (57) of 2023 applies to citizens entering the workforce for the first time starting from October 31, 2023, with any employer in the federal government or local...

Business
Urgent UAE: The employer will be fined from 50 thousand dirhams to 200 thousand dirhams in this case

The Ministry of Human Resources and Emiratisation has cautioned private sector businesses and employers not to hire persons without valid work permits from the Ministry, even for trial employment, whether in businesses or as support staff.

Business
Abu Dhabi: Ruling that a female employee is entitled to compensation amounting to 120 thousand dirhams

The Abu Dhabi Family, Civil and Administrative Claims Court mandated a corporation to pay an employee 120,000 dirhams for breaching an employment contract where she was supposed to work for a salary of 37,000 dirhams. After the company requested...

Business
Dubai announces good news after reaching its highest level in 10 years

Dubai recently shared positive news regarding the Dubai Financial Market Index, which reached its highest point in over a decade at the close of trading two days ago. This increase was driven by strategic purchases of prominent stocks with robust...

UAE: Announcing job opportunities with salaries from 5,000 to 20,000 dirhams