Bitcoin has surged past the $60,000 mark, marking its first occurrence since 2021 and igniting a trading frenzy, particularly in regions where cryptocurrency trading is now regulated. Bitcoin, a decentralized digital currency operating without a central authority such as a bank, enables secure and anonymous online transactions.
On Wednesday, Bitcoin experienced a remarkable rally, witnessing a spike of 12.6%, reaching a high of $63,968 before retracing slightly to the $60,000 range. This surge has propelled the cryptocurrency’s gains to an impressive 42% in the initial two months of the year.
Observers in the cryptocurrency space attribute Bitcoin’s surge in part to the increasing demand for spot bitcoin exchange-traded funds (ETFs). These ETFs offer investors a less risky entry into the crypto market and have attracted a substantial influx of funds this year, according to industry experts.
Major crypto trading platform Coinbase reported disruptions in service due to traffic levels ten times higher than usual, causing temporary display issues for some users’ account balances. Despite these challenges, Coinbase assured customers of the safety of their funds and reported gradual service improvements.
The impact of cryptocurrency on the global economy is a dynamic and intricate topic. While cryptocurrencies have the potential to influence the global economy in various ways, their effects are still in the early stages and subject to ongoing developments.
