Bitcoin continues to rise: Crossed $60,000 for the first time since November 2021

The price of the cryptocurrency Bitcoin rose above $60,000, reaching its highest level since November 2021, as interest in spot Bitcoin exchange-traded funds (ETFs) continued.

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According to data from analysis company Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, increased by 3.3 percent in 24 hours, exceeding $ 2 trillion 230 billion.

Bitcoin, the largest cryptocurrency, gained more than 6 percent in the last 24 hours as investment in spot Bitcoin ETFs continued to rise.

Expectations that major central banks will start to cut interest rates this year and move towards a more accommodative monetary policy also support the rise in Bitcoin.

Bitcoin, which was traded at $ 60,500 as of 16.25 TSI today, reached its highest value since November 2021. Bitcoin’s weekly value gain also exceeded 18 percent.

Bitcoin gained about 157 percent last year.

Analysts point out that the upward momentum in the price of the cryptocurrency may continue due to the halving process that will take place in April and reduce the supply of new Bitcoin.

Bitcoin’s price reached a record high in November 2021, following the last halving in May 2020.

Ethereum, which ranks 2nd in terms of market value, has also gained 2.6 percent in the last 24 hours, reaching $ 3,339. Ethereum also broke a record by rising above 4 thousand dollars in 2021.

The US Securities and Exchange Commission (SEC) approved 11 different spot Bitcoin ETF applications on January 11.


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