admin Bitcoin, the world’s largest cryptocurrency, for a little while had achieved a new all-time high, going beyond $69,000, surpassing the previous record set in November 2021. However, by the year 2022, Bitcoin’s value had plummeted to $16,500. The recent surge in price has been fueled by the major US finance firms investing billions of dollars in Bitcoin. On Tuesday, the cryptocurrency peaked at around $69,200 at 15:00 GMT before retracting. By 21:00 GMT, it was trading at approximately $62,185. Over the last month, Bitcoin’s value has increased by more than 50%, as confirmed by the cryptocurrency market data platform CoinMarketCap.
“Too often in the past the price crash was timed so that ordinary investors buying Bitcoin during the bubble are the ones who lose out,” said Carol Alexander, who is a professor of finance at Sussex University.
For several Bitcoin holders, this news signals a reason for joy, as their wealth has likely surged. Although, the past advises caution, as Bitcoin’s value can be fluctuating. In June 2022, Bitcoin suffered a significant drop to 18-month lows, reaching nearly $20,000, driven by investors distancing themselves from riskier assets amid a bleak global economic forecast. The cryptocurrency faced additional challenges later that year when FTX, a major cryptocurrency exchange founded by “king of crypto” Sam Bankman-Fried, announced bankruptcy in November 2022. Throughout 2023, Bitcoin’s value fluctuated, but it managed to go back and trade above $40,000 by the end of the year.
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