Bitcoin’s Back! Reaches $60,000 After 2-Year High

Bitcoin has extended its upward trajectory for the fifth consecutive day, nearly breaching the $60,000 mark. This surge can be attributed to heightened investment in newly introduced US spot bitcoin exchange-traded products. In the span of February alone, the cryptocurrency has surged by close to 40%, marking the most substantial monthly surge since December 2020. This month, Bitcoin has surpassed the $2 trillion milestone in value, doubling its price within the past four months.

Investor sentiment remains buoyant, fueled by expectations of a potential interest rate reduction by the Federal Reserve this year, alongside anticipation surrounding the forthcoming halving event scheduled for April, which historically correlates with a surge in Bitcoin’s value. Notably, the three leading bitcoin exchange-traded funds (ETFs) offered by Grayscale, Fidelity, and BlackRock have witnessed heightened trading activity recently.

Ether, the second-largest cryptocurrency globally, also experienced an uptick, climbing by 2.2% to $3,320. Throughout February, Ether has witnessed a remarkable 47% surge, marking its most significant monthly increase since July 2022.

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