Bitcoin crosses $60,000 for the first time in more than two years

Hibapress

The price of bitcoin exceeded $60,000 on Wednesday for the first time in more than two years, in a context marked by strong demand.

The value of the flagship cryptocurrency, which has already increased by more than 40% this year, is approaching its all-time high of $68,991, reached in November 2021.

Strong demand is helping bitcoin post its biggest monthly gain since December 2020, when the digital token jumped 50% to around $9,600.

The value of bitcoin has more than tripled since the start of last year, following a 64% fall in 2022.

“This reversal is all the more impressive in light of central banks’ statements that they intend to keep rates high for a longer period of time,” noted Michael Safai, co-founder of quantitative trading firm Dexterity Capital, quoted by media.

According to analysts, around 80% of Bitcoin’s supply has not changed hands over the past six months, which could put upward pressure on prices.

Concerns about U.S. regional banks have worked in bitcoin’s favor since last year’s banking crisis, when investors who had lost confidence in banks turned to the cryptocurrency as a hedge against uncertainty.

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