As a researcher who has been closely following the crypto market since its infancy, I can’t help but marvel at the incredible journey Bitcoin has taken. Just 14 years ago, I remember investing my first cents into this revolutionary technology, and today, it’s trading above $60,000. It’s like watching a rocket launch – exhilarating, unpredictable, and filled with endless possibilities.
Reflecting on Bitcoin‘s humble beginnings, Bitcoin researcher Pete Rizzo recently brought up an interesting tidbit: Exactly 14 years ago, a single Bitcoin (BTC) was available for only 5 cents!
This historical fact provides a contrast to Bitcoin’s current market value, demonstrating its phenomenal development and adoption over the last decade and a half.
2010 marked a time when Bitcoin was just beginning to emerge, recognized primarily among tech aficionados and pioneers. This digital currency, brought forth anonymously by Satoshi Nakamoto, was yet to establish its usefulness and justify its worth.
FUN FACT: 14 years ago today, you could buy 1 #Bitcoin for $0.05 ✨
— The Bitcoin Historian (@pete_rizzo_) August 3, 2024
It’s truly astounding how Bitcoin, starting from just five cents, has escalated to its current value. Today, it’s commonly traded on global exchanges, welcomed by numerous businesses, and owned by institutional investors.
The worth of Bitcoin has soared to unprecedented heights, surpassing values unimaginable during its initial stages. Today, each Bitcoin is being traded for over $60,000, an astounding increase that underscores its growth and the growing recognition of cryptocurrencies within traditional financial markets.
Just recently, a major global wealth management company, Morgan Stanley, has granted permission for numerous financial advisors to invite suitable clients to invest in Bitcoin spot exchange-traded funds starting from the coming week.
Incredibly, U.S.-listed Bitcoin Exchange-Traded Funds (ETFs) have amassed approximately $18 billion in total investments since they began trading in January, setting a new standard for the quickest and most successful launch of any fund type to date.
Bitcoin price action
In simple terms, since January 2023, Bitcoin’s price has multiplied four times, peaking at a record high of $73,798 in March. This significant rise was fueled by increased interest in U.S. exchange-traded funds. However, lately, the surge has slowed down, as has the rate at which these funds have been accumulating assets.
Over the past six weeks, Bitcoin has been steadily decreasing in value since it reached a peak of nearly $70,000 on July 29th. In fact, Bitcoin has experienced losses for five out of six days since then and is currently trading below its previous levels, down approximately 11% this week. As I write this, the price of Bitcoin has fallen by 2.14% over the last 24 hours to around $60,279.
In the last day, approximately $162 million of favorable cryptocurrency bets, representing about 82% of the total, were terminated, with a combined value of $197 million being terminated.
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2024-08-04 12:41