Bitcoin at a record high – level 3
08-03-2024 15:00
Bitcoin surged to a new high before plummeting, fueled by investments in US crypto products and expectations of global interest rate reductions.
The cryptocurrency reached 69,202 dollars, surpassing its previous peak in November 2021. Investor interest surged following the approval of 11 spot bitcoin ETFs by the Securities and Exchange Commission. However, Bitcoin’s recent rally, driven by institutional investment, contrasts sharply with the prolonged crypto winter of 2022. Flows into US spot bitcoin funds reached 2.2 billion dollars, with significant investment in BlackRock’s iShares Bitcoin Trust. The rally was buoyed by expectations of a US interest rate cut and positive risk sentiment.
Despite its volatility and limited real-world applications, companies like MicroStrategy and Reddit are adding crypto to their portfolios. Stablecoins issued by Tether have surpassed 100 billion dollars, offering stability amidst crypto price fluctuations.
Difficult words: plummet (to fall rapidly), buoyed (supported), risk sentiment (how financial market participants are behaving and feeling), volatility (the quality of being likely to change suddenly and unpredictably).
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What factors have contributed to the recent surge and subsequent plummet of Bitcoin, and how are companies and investors responding to the cryptocurrency's volatility?
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