Bitcoin reaches $ 60,000 when price rises 24% in a week

Ending weeks of stagnation, Bitcoin today it has skyrocketed in price, reaching new highs of $ 60,000.

That’s about $ 1,750 more than Bitcoin’s The previous highest record, $ 58,258, the currency reached on Sunday, February 21st. Following that record, Bitcoin fell to $ 46,437 on February 23 and then to $ 43,527 on February 28.

Then Bitcoin came back swinging. At $ 60,000, its market value reached $ 1.1 trillion. The price of the currency increased 23% last week and 5% in the last 24 hours.

Bitcoin also brought other currencies for its journey to the top. Ethereum is worth $ 1,843, an increase of 17% last week. Binance Coin, or BNB, rose 21.8% last week. AND Polka dot increased by 12%.

Why has the price of Bitcoin increased?

Some things may have spurred this latest bull run.

Beeple digital artist made headlines when he sold a collection of NFT art for $ 69.5 million for a pseudonym crypto collector named Metakovan. NFTs they are cryptocurrencies that function as digital collectibles; each token is proven to be unique and serves as a kind of certificate of authenticity.

The sale of Beeple, through the century-old British auction house Christie’s, is the largest to emerge from the frothy NFT industry and the third largest sale of private art to date. Nifty Gateway backed by Cameron and Tyler Winklevoss – the NFT market that debuted the Beeple art in October–may be worth $ 1.2 billion, according to market cryptography analysis firm Messari.

Then, US President Joe Biden signed the law into $ 1.9 trillion stimulus package this puts $ 1,400 in Americans’ pockets to help them resist the pandemic. Many Bitcoin advocates, including the crypto VC Meltem Demirors, believe that printing U.S. dollars to save the economy will devalue the currency – and that Bitcoin is a safe bet against the dollar’s collapse.

And big companies have invested in cryptography. Shades of gray the parent company, Digital Currency Group, announced plans to buy up to $ 250 million in shares of Shades of gray Bitcoin Trust, a closed publicly traded fund that invests in Bitcoin.

In Canada, a third Bitcoin ETF received approval from Canadian securities regulators. CI Global Asset Management will compete with Evolve and Purpose, launched at the end of last month. Bloomberg’s ETF reporter Mike Balchunas said the launch of Purpose, which traded $ 165 million shares on the first day and $ 80 million on the first hour, was the most successful ETF launch in history.

“It was undoubtedly the most successful ETF launch of all time, proportionally speaking,” he said Decrypt. “But the waiting list was so long: it was like feeding a flock of hungry birds with bread – they were all there.”