Tuesday saw Bitcoin reach a record high above $69,000, helped by the world’s largest cryptocurrency becoming more tradeable in the face of limited supply.
Bitcoin surpassed the milestone of $68,991 set in November 2021, reaching $69,191.94.
Afterwards, the erratic asset dropped to $65,129.
In the lead-up to and following the authorization of a new class of investment indexed to the cryptocurrency, Bitcoin has experienced an unrestrained surge.
Since Bitcoin and other cryptocurrencies have demonstrated their extraordinary volatility, regulators and central banks have issued cautions to tiny investors.
Bitcoin’s price has increased by about 50% since January, when it was trading at over $43,000.
But once the cryptocurrency exchange FTX collapsed in November 2022, it fell to $15,000.
Prosecutors called its leader, Sam Bankman-Fried, “one of the biggest financial frauds in American history,” and he may spend up to 110 years behind bars.
In other news, Changpeng “CZ” Zhao, the CEO of Binance, the largest cryptocurrency exchange in the world, resigned from his position in November after the firm and he entered plea deals on several money laundering offenses.
The popularity of bitcoin is growing despite the scandals.
