Bitcoin’s comeback – The Hill
The Big Story
The price of one bitcoin topped $60,000 Wednesday for the first time since November 2021, when the world’s largest cryptocurrency hit its current record of $67,000.
© AP Photo/Kin Cheung
The boom is a massive turnaround from a year ago, when bitcoin kicked off 2023 below $20,000 and economists were anticipating a wider recession, our colleague Taylor Giorno reported.
Bitcoin has rallied more than 40 percent in February alone, according to CoinDesk Indices, the largest monthly gain since late 2020. The price of bitcoin has more than doubled over the past four months.
The surge comes amid a huge infusion of cash, after the Securities and Exchange Commission approved the first-ever U.S. spot exchange-traded funds in January, opening the door to billions in investment from financial institutions such as BlackRock.
Bitcoin dominates just more than half of the global crypto market, accounting for nearly $1.2 trillion of the more than $2.3 trillion in crypto in circulation around the world, according to the crypto data aggregator CoinGecko.
Read more in a full report at TheHill.com.
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