By Connor Sephton, news reporter
Bitcoin has hit $60,000 for the first time since November 2021 – putting the cryptocurrency in touching distance of a new record high.
One Bitcoin cost $60,519 early on Wednesday afternoon after days of huge rises.
It’s close to the all time high of $67,077 recorded on 9 November 2021 when many people turned to the digital asset in the pandemic.
After a collapse in price in late 2022, it has witnessed a resurgence – in large part due to new products in the US that allow people to track the value of Bitcoin without owning it, something known as an exchange traded fund (ETF).
Bitcoin has risen by 42% since 2024 began and 20% since Saturday.
Famed for its volatility, figures from the UK’s Financial Conduct Authority suggest almost five million Britons have purchased cryptocurrencies – but in the year to April 2022, 45% of them suffered a loss.
In pound terms, Bitcoin is currently trading at about £47,800 – and a new record would be set if the digital asset surpasses £53,000.
It latest value surge comes ahead of the next bitcoin “halving” event, coming in April, whereby the number of new Bitcoin entering the market is going to be permanently cut by 50%.
That process is designed to slow the release of bitcoin, whose supply is capped at 21 million tokens – of which 19 million have already been created.
Bitcoin rallied on the previous three halvings, most recently in 2020.
Analysts have also said “overall renewed optimism around the asset class” has given values a boost.
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