Mumbai, March 5: Bitcoin price hit $ 59,289 a week ago for the first time, higher than the recorded price of $16,487 in January 2023. Now, the price of this cryptocurrency is $66,936. According to the reports, the Bitcoin price has risen above $67,000 since November 2021. It reportedly rose for the second straight day and went towards hitting an all-time high. The reason for the price rise is robust demand from the customers for expectations of ETFs at the start of the week.

According to the report by Hindustan Times, the frenzy for the largest crypto token is due to an insatiable demand from US-listed Bitcoin ETFs, which reportedly started from January 11. In the last 12 months, the report said that the price of Bitcoin jumped nearly 186%. Since the debut of the US Bitcoin ETFs from companies like BlackRock and Fidelity Investments, a net inflow of $7.35 billion has been invested. Gemini AI Issues: Google Co-Founder Sergey Brin Admits Errors in Google’s AI Chatbot and Says ‘We Definitely Messed Up’.

The report said that the traders are betting that the price could go as high as $69,000, which was witnessed during the Covid pandemic. As per the report, the strong ETF demand and fear of missing out on Bitcoin halving are anticipated to occur around April 2024. 

According to a report by Bitcoin.com, Bitwise Asset Management's Chief Investment Officer, Matt Hougan, said that the Bitcoin price could surge above $200K in 2024. He reportedly said it will happen due to "too much demand and insufficient supply for the cryptocurrency". Further, the report said that he added that there could be even a "bigger wave" regarding the demand for Bitcoin due to spot Bitcoin ETFs. Moreover, they said that the prices of Bitcoin could go higher. Cognizant CEO Ravi Kumar S Joins Board of Directors of US-India Strategic Partnership Forum.

On the other hand, the Hindustan Times reported that when the reward for mining is cut in half (halving), the supply growth of Bitcoin will come down due to a demand squeeze. The report said that the co-founder of Orbit Markets, Caroline Mauron, stated that this situation reminded of the 2021 bull run, during which the traders were looking to make quick profits from the increasing prices in the volatile tokens.

(The above story first appeared on LatestLY on Mar 05, 2024 05:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).