Bitcoin recently saw a surge, reaching £67,400, nearing its previous record of nearly $69k in November 2021. Just days ago, the cryptocurrency crossed the $60,000 mark for the first time in two years, causing a brief outage on Coinbase as users flooded the platform.
This recent bullish trend stems from the US Securities and Exchange Commission’s approval of spot BTC exchange-traded funds (ETFs) earlier this year. Institutional investors have been pouring into the market, diversifying beyond the traditionally dominant millennial investor base.
The accessibility of BTC through familiar stock exchange platforms has also attracted participation from baby boomers.
Anticipation is growing with a halving event looming, where BTC miners will receive half the current block rewards. The last halving occurred on May 11, 2020, reducing block rewards to 6.25 BTC.
This figure will be further halved to 3.125 BTC following the upcoming halving.
Analysts speculate that the reduction in supply could drive BTC’s value even higher. This speculation has also impacted other cryptocurrencies, including Ether (ETH) and meme coins like Shiba Inu (SHIB), which have seen significant increases in value amidst the broader crypto coin market surge.
