The price of Bitcoin is at its highest point in the last year right now. BTC has surpassed $30,000 thanks to a 62% yearly push.
Today’s Bitcoin price is the highest in the previous year, according to the CoinMarketCap data. In particular, the price of the king of cryptocurrencies, BTC, has increased by +62% since last July.
Although BTC’s recovery and advancement are encouraging, we are still halfway to reaching its all-time high (ATH), which was $69,000 and set in November 2021.
The collapse of FTX and the bankruptcy of numerous regional banks, among other crises events that the entire crypto industry had to deal with, haven’t stopped its growth, in fact.
Strong resilience characterizes bitcoin, which may be eager to shine once more right now. BlackRock’s announcement recently that it would launch the first Bitcoin ETF in the US, which would encourage institutional adoption of the king of digital assets, is evidence in favor of this claim.
In fact, a BlackRock spot ETF would make it simpler for institutions to get exposure to BTC while also enhancing Bitcoin’s standing as a rising asset.
Bitcoin trade volume increased by 45% in the previous day
The trade volume recorded by BTC over the past 24 hours, which has increased by 45%, is another important piece of information.
In addition, other information on the queen of cryptocurrencies, such market capitalization, shows gains similar to those in bitcoin’s price.
In actuality, the market value of Bitcoin as of this writing is $603 billion. But as of yesterday, the market capitalization had reached $608 billion.
When compared to even only last July, when BTC’s entire capitalization was $385.45 billion, that achievement is excellent. However, it is still far from the $1.27 trillion global market cap for Bitcoin that was reached in November 2021.
It’s important to note that, at the time of writing, 19,419,300 BTC, or 92.47% of the total, are in existence as Bitcoin.
Bitcoin: current price and impending price halving
It would be hard to list the halving, which, while not directly affecting the price of BTC, is one of the events affecting the Bitcoin ecosystem.
The next BTC halving will take place in 2024 at block number 840,000, which is predicted to happen between this upcoming March and April.
The quantity of Bitcoins will be cut in half as an incentive for miners as a result of this occurrence, which lessens selling pressure on both them and the cryptocurrency market as a whole.
However, the decline in selling is not a sign of a rise in the price of bitcoin, and a bull run has never been started immediately after a price halving.
Similar occurrences, described as speculative bubbles that expanded in the years after the halves, were observed for the preceding three halvings, which occurred in 2013, 2017, and 2021, respectively.
However, according to the price history of the crypto queen, that boom broke in the year that followed, bringing the price of bitcoin back to what it was before it was halved.
In anticipation of the approaching fourth halving, these occurrences may raise expectations on the present price of bitcoin.
Bitcoin price today and recent developments in El Salvador
El Salvador agreed to adopt Bitcoin as its legal cash in September 2021 with the goal of transforming its economy through financial inclusion.
The Central American nation recently made the bold decision to start one of the biggest Bitcoin mining farms in the world, under the direction of its President Nayib Bukele.
It is Volcan Energy, the organization that made the announcement yesterday about spending up to $1 billion to build the cutting-edge and ecologically friendly new facility.
The plan is to use El Salvador’s plentiful energy supplies to run the enormous Bitcoin mining facility.
Additionally, in order to accomplish this aim, a partnership between significant industry figures and creators of renewable energy has been formed. These individuals have established a new benchmark for attaining environmentally responsible mining of the queen of crypto.
As a result, El Salvador is increasingly emerging as a location-nation devoted to this kind of activities due to its year-round tropical environment and plentiful geothermal energy resources.
Newest information about BlackRock’s spot ETF
News regarding Coinbase as a partner for “surveillance sharing” in the case of spot Bitcoin ETFs provided by BlackRock has surfaced.
In essence, BlackRock would include Coinbase in its proposal in an effort to allay the concerns of the US Securities and Exchange Commission, which has yet to approve any application for spot Bitcoin ETFs.
This Nasdaq-Coinbase partnership will enhance the surveillance system of the exchange.
On June 30, however, the SEC continued to assert that the crypto ETF filings with Nasdaq were insufficiently detailed and clear and required additional information regarding surveillance procedures.
As a result, there haven’t been any confirmations or approvals as of yet, but the announcement has caused COIN’s share price to increase by 16% during the last five days.
This time period also represents some competition between the major players in the financial markets over who will launch the first Bitcoin ETF in the US.
Fidelity Investments, another contender, has submitted an application for its spot Bitcoin ETF and is seeking SEC approval.