Despite a protracted decline that threatened to derail the whole cryptocurrency ecosystem, Bitcoin made history on Tuesday, surging to a new all-time high and that marked a victorious recovery. Naturally, for crypto enthusiasts including gamers, this is an exciting development that will likely impact a lot of things in 2024.
Surpassing its previous peak of $68,789 set on November 10, 2021, the digital currency surged above $69,000, according to CoinMarketCap.
What’s Behind It?
According to experts, this recent increase in the value has likely been spurred by the approval of exchange-traded funds (ETFs) that are connected to the digital currency by the regulatory authorities in the United States. This governmental green light allowed long-time Bitcoin investors to add the cryptocurrency to their holdings with ease, thereby accelerating its price rise.
The first eleven “spot” Bitcoin exchange-traded funds (ETFs), which follow the asset’s real-time market price, have reportedly amassed net fresh flows of more than $4.2 billion since coming online in January.
Considering the volatility that has plagued the cryptocurrency market for the last several years, the currency’s comeback is all the more noteworthy. Bankruptcies of prominent exchanges, unpredictable price movements, and legal actions against prominent figures are all examples of such events.
More Global Push for Crypto
As Bitcoin continues to shine, crypto is taking more and more of a mainstream treatment. Russia, a member of the BRICS group, made an important statement on Tuesday about the development of a new payment system. This groundbreaking payment system is based on cryptocurrency and blockchain technology and aims to provide an alternative to the US dollar and enable independent trade settlements.
If implemented as planned, the new BRICS payment system would serve the interests of people, companies, and governments. Underscoring the integration of digital assets and cryptocurrencies on the blockchain, Russian ambassador Yuri Ushakov said that the system would use cutting-edge technology.
With this, the BRICS group can undermine the US dollar’s hegemony in international commerce by facilitating cross-border transactions among its member states and other emerging communities. This new information is likely to affect the worldwide market dynamics of the US dollar’s supply and demand, which in turn would put pressure on the currency.
