What's happened
Bitcoin has surged to a new all-time high of $69,324 on Coinbase, fueled by the approval of spot bitcoin ETFs by the SEC and excitement surrounding the upcoming halving event in April. The cryptocurrency's value has tripled in the last 12 months, attracting billions in institutional investments.
Why it matters
Bitcoin's record-breaking rally signifies a resurgence in the cryptocurrency market, driven by institutional interest and regulatory approvals. The upcoming halving event is expected to further boost Bitcoin's price, impacting investors and the broader financial market.
What the papers say
The Independent highlights the role of institutional investments and the upcoming halving event in driving Bitcoin's price rally. Business Insider UK focuses on the impact of spot bitcoin ETF approvals by the SEC on the cryptocurrency's surge.
How we got here
Bitcoin's price surge follows a period of recovery after a significant price correction in 2021. The approval of spot bitcoin ETFs and anticipation of the upcoming halving event have contributed to the current bullish market sentiment.
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