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Bitcoin Crosses $71000 for the first time

By Akshay - March 12, 2024 02:56 PM

Bitcoin Crosses $71000 for the first time: The country's oldest, most popular and largest cryptocurrency Bitcoin touched new records today. On Monday, its price crossed $71,000 for the first time. Its price increased significantly in the last 24 hours. During trading it reached $71,030. This year the price of Bitcoin has increased by about 70 percent. Recently, the price of Bitcoin has increased rapidly due to the opening of Bitcoin ETF and the expectation of Federal Reserve cutting interest rates. The US Securities and Exchange Commission approved 11 spot Bitcoin ETFs in January.

Bitcoin rose 4.8 percent to a record $71,677 in European trading, bringing its gains so far this year to 70 percent. Investments in the ten largest US spot bitcoin funds reached $2.2 billion in the week ending March 1. Of these, more than two billion dollars have come into the account of BlackRock's iShares Bitcoin Trust. Experts say that the price of Bitcoin can go up to $76,000. Meanwhile, the market cap of global cryptocurrency has reached $2.68 trillion. The market cap of Bitcoin alone has reached $1.399 trillion. According to CoinMarketCap, Bitcoin's share in the global cryptocurrency market is 52.17 percent.

Capital flows into the 10 largest U.S. spot bitcoin exchange-traded funds slowed to a two-week low in the week ended March 8, but still reached nearly $2 billion, according to LSEG data.

How much did the price rise

According to CoinMarketCap, the price of Bitcoin has increased by more than 200% in the last year. Bitcoin is the oldest cryptocurrency in the world. It was launched in 2009. In the year 2010, its price was 0.008 dollars i.e. about 66 paise. Then for one dollar you could buy 125 bitcoins. If you had bought two bitcoins at Rs 1.30 then, the value of your investment today would have been Rs 1,17,50,720. Bitcoin's virtual creator Satoshi Nakamoto released its whitepaper on October 28, 2008, but its mint date was January 3, 2009.

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About the Author:

Akshay Thakur

I'm Akshay Thakur, your fantasy sports secret weapon. 1000+ predictions across cricket, kabaddi, football, you name it - I crack the code of each game, crafting winning strategies like a seasoned alchemist. My analyses are your ultimate playbook, unveiling hidden gems and turning gut feelings into gold. Newbie or pro, I level up your game, transforming raw passion into league domination.

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