Bitcoin price surpasses $53,000, highest price since December 2021

February 27, 2024  10:12

The price of Bitcoin exceeded $53,000, the highest price in more than two years. This was fueled by growing optimism that continued investor demand through bitcoin-based spot investment funds would push the price of the largest cryptocurrency back to record highs, Bloomberg noted.

"Bitcoin continues its growth, supported by strong inflows of spot investment funds," said Spencer Hallarn, head of global OTC trading at crypto investment firm GSR.

Bitcoin rose 3.3% on the day to $53,600. It last traded at this price in December 2021 and reached an all-time high of around $59,000 about a month before that.

Investors poured more than $5 billion into nine spot mutual funds that began trading last month. MicroStrategy Inc.'s $155.4 million purchase of 3,000 bitcoins also gave investors optimism – a software company that has made the acquisition of Bitcoin part of its corporate strategy. The company announced the acquisition, which was completed in February, on Monday. It now has about $10 billion worth of Bitcoin.

Earlier on February 12, the price of Bitcoin actively increased and reached the threshold of $50,000, actually increasing by 3.5% in one day. Later, of course, the exchange rate was adjusted slightly, dropping to 49,800.

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