On Wednesday, the price of a single bitcoin exceeded $60,000 for the first time since November 2021, when the largest cryptocurrency in the world reached its present high of about $67,000.
When bitcoin began 2023 below $20,000 a year ago, and analysts were predicting a larger slump, the spike represents a tremendous turnaround.
According to CoinDesk Indices, the price of bitcoin has increased by almost 40% just in February, marking the biggest monthly gain since late 2020. In the last four months, the price of bitcoin has more than doubled.
The increase coincides with a massive capital injection following the Securities and Exchange Commission’s approval of the nation’s first-ever spot exchange-traded funds in January, which allowed financial organizations like BlackRock to invest billions of dollars.
As per the crypto data aggregator CoinGecko, Bitcoin commands a little over 50% of the entire cryptocurrency market, with about $1.2 trillion of the total cryptocurrency in circulation worldwide.
Congress may decide to enact broad regulations for the rapidly expanding cryptocurrency market, despite the industry’s continued rapid growth.
Legislative time is limited due to impending shutdown deadlines and the 2024 election, despite the efforts of proponents of cryptocurrency, such as House Financial Services Committee Chair Patrick McHenry (R-N.C.), who is retiring at the end of the year, and other advocates, who push for measures they believe will boost American competitiveness and innovation in the space.