Bitcoin Price Exceeds $69,000 For The First Time In History

(CTN News) – A record high was reached by bitcoin on Tuesday, amidst tightening supplies, as the world’s largest cryptocurrency became more accessible for trading.

The price of bitcoin reached $69,191.94, breaking a record set in November 2021 of $68,991.

A later decline in the volatile asset resulted in a price of $67,442. There has been a tremendous rise in the price of bitcoin since a new type of investment indexed to the cryptocurrency was approved.

Exchange-traded funds (ETFs) linked to bitcoin have theoretically enabled a wider public to invest in the cryptocurrency without possessing it directly since they were approved by US securities regulators on January 10.

There is, however, an investment in the digital currency itself by the funds themselves. The expected approval of the new investment product has led to a rise in its price, which had plummeted throughout most of 2022 in the wake of the bankruptcy of several crypto giants.

In the industry, the introduction of ETFs on the US market signifies the growing interest of institutional investors in cryptocurrencies,

Which is further fueling the enthusiasm for bitcoin.

As a reward for solving complex problems using powerful computers to validate blockchain transactions, the digital unit is created – or “mined”. A second upcoming event is also supporting the price of bitcoin.

The phenomenon known as “halving” refers to the division in half of the rewards given “miners” who contribute to the creation of the blockchain by validating transactions.

Every 210,000 blocks, or groups of verified and incorporated transactions on the blockchain, the event occurs, which corresponds to about every four years. It is anticipated that the next halving will take place in April. Digital currencies have a finite number of units. Satoshi Nakamoto, the creator of bitcoin, has limited the maximum number of bitcoins to 21 million.

Currently, Australian computer scientist Craig Wright is being sued in London for claiming that bitcoin was invented by him. Known as Satoshi Nakamoto, Wright claims to be the creator and author of the white paper that introduced the cryptocurrency in 2008.

Wright is being sued over claims made in 2016 by the Crypto Open Patent Alliance (COPA), a non-profit organization that works to prevent crypto technology from being patentable.

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