Bitcoin is in the news again and this time, it is because of its surge.
Yesterday, Bitcoin hit an all-time high of $66,974.77, indicating a jump in its value over the past month.
Tesla’s CEO, Elon Musk, celebrated the all-time high feat with a meme post on Twitter.
The meme was a picture of a couple in bed gazing at a screen that displayed Bitcoin price at $69,000, and Ethereum at $4,200.
Speculations are on the round that Elon’s meme tweet might mean Bitcoin might witness a surge to the value he predicted.
Bitcoin’s surge is hinged on some factors.
Firstly, some highly favorable fundamentals coupled with the approval of ProShares ETF.
The Bitcoin exchange-traded fund (ETF) is trading on the New York Stock Exchange, thereby making Bitcoin more valuable.
Also, because it is the first cryptocurrency, it has the “first” advantage which gives it great relevance in the crypto market.
Two North American ETFs are set to list this month which will enable more investors trade in bitcoin futures soon. Canada had also approved the creation of several funds during the last 12 months.
Bitcoin’s upward trajectory is also as a result of its increased adoption, improved underlying values, and its use for transactions instead of fiat currencies like dollars or euros.
Investors growing interest in Bitcoin is a major contributing factor to the price surge across different exchanges worldwide.
Tesla had revealed in the earliest months of the year that it had bought Bitcoin worth 1.5 billion dollars. It also expressly stated that it would accept Bitcoin as payment for its cars.
However, things took a different turn in May when Elon Musk announced that Tesla would no longer accept Bitcoin as payment for car purchases, citing environmental concerns as the reason for the reversal of that decision.
The news set Bitcoin aback overnight to more than 10% lower before it picked up again the next day.
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