After more than two years, bitcoin is seeing its share again 50 thousand dollars. In the last year the prices of the most famous cryptocurrency are more than doubled while, from the beginning of 2024. the increase is approximately 16%. “50 thousand dollars is a significant milestone, after the launch of ETFs last month had not produced any push but rather a bearish movement” he said Antony Trenchev, co-founder of Nexo cryptocurrency exchange platform. There appear to be three factors who are now pushing digital currency. The first, common to bags, are the usual bets on starting a series of cuts in the cost of money by the Federal Reserve. More ease of borrowing money also means that more money is then invested in the markets and also in cryptocurrencies. Furthermore, lower rates push investors to invest in more speculative and less safe assets, in search of returns.
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The second is a greater inflow of investments which would now be favored from the new ETFs. Some analysts highlight how with the ETF operation bitcoin is now irremediably attracted into the market dollar galaxy, to whose performance it is increasingly closely linked. Since the beginning of the year, the American currency has been gaining against the euro. The third factor concerns to the “halving” expected for April. The so-called halving, which happens every 4 years to limit the quantity of bitcoins in circulation, it provides that the reward for those who “mint” bitcoins (putting armies of PCs that process complex algorithms to work) be halved. This causes the production of cryptocurrencies to slow down and, if demand increases, this produces an increase in the prices of those in circulation, which happened when the same operation was carried out in 2020. Due to the way the bitcoin system is structured, the total supply cannot exceed 21 million pieces and today 19 million are already in circulation. The last transitory element is the fact that, during the holidays of lunar new year, purchases from China tend to increase. Bitcoin’s all-time record was reached in November 2021, in almost to 69 thousand dollars.
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