On Tuesday, Bitcoin, the world’s most valuable cryptocurrency, surpassed the $57,000 mark for the first time since 2021 ended. The cryptocurrency’s value has shown signs of recovery after facing various scandals in recent years. One notable incident was the collapse of the FTX trading platform in 2022. The price of Bitcoin has been bolstered largely due to a strong demand from investors for Bitcoin funds, as well as further purchasing of the cryptocurrency by MicroStrategy.
Just two weeks prior, Bitcoin had broken the $50,000 barrier for the first time ever. The cryptocurrency has since demonstrated a significant increase in value, with a jump of over 30 percent this year alone.
Due in part to the downfall of the FTX platform, Bitcoin’s worth plummeted to a low of $16,600 at the start of 2023. This was a stark contrast to November 2021, when Bitcoin’s price reached a record high of approximately $69,000.
As reported by Bloomberg news agency, investors have invested roughly $5.6 billion into Bitcoin ETFs (Exchange Traded Funds) since they were launched in the United States on January 11. These funds have made Bitcoin more accessible to a broader group of investors, contributing to the cryptocurrency’s value.
MicroStrategy, a U.S.-based business software manufacturer, has been incorporating Bitcoin purchases into its strategy. On Monday, the company announced that it had acquired about 3,000 more Bitcoins this month. As a result, MicroStrategy now owns around $10 billion worth of the cryptocurrency.
