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This week, the cryptocurrency market is making waves with Bitcoin (CRYPTO: BTC) surpassing $60,000 for the first time since November 2021. This resurgence signals a potential end to the market’s long “winter.”
One of the main catalysts for this growth is the introduction of Bitcoin exchange-traded funds, renewing interest in the sector.
The day saw Bitcoin’s value increase by over 6%, bringing it close to its all-time high of $68,000. This momentum builds on the steady recovery since January, when the Securities and Exchange Commission finally approved a spot Bitcoin ETF after years of hesitation and rejections.
The community is buzzing with excitement, with CEO Michael Novogratz of Galaxy noting that for the first time, the majority of U.S. wealth has easy access to Bitcoin.
However, not everyone is convinced of its long-term viability. CNBC host Jim Cramer’s recent comments about Bitcoin’s impact on humanity sparked debate among the crypto community. But the parody account Not Jim Cramer points out the financial gains that Bitcoin has generated for many individuals.
As we look ahead, anticipation is building for the upcoming Bitcoin halving event in April 2024, which could further boost prices.
This rally represents a significant moment for the cryptocurrency market, with the SEC’s approval of ETFs legitimizing the sector and opening the doors for institutional and retail investors.
At the time of writing, Bitcoin is trading at $60,781.07, up 7% in the last 24 hours.
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