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 Bitcoin record infographic
Graphic shows rise and fall of price of Bitcoin.
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BUSINESS

Bitcoin hits record high of more than $69,000

By Duncan Mil

March 6, 2024 - Bitcoin hit a record high of more than $69,000 on March 5, capping a remarkable comeback for the volatile cryptocurrency. Its value plunged in 2022 amid a market meltdown.

Bitcoin’s price has risen more than 300% since November 2022, when the cryptocurrency crashed to $16,482.92, down from its previous 2021 record of $68,999.99.

“Bitcoin continues to do what Bitcoin does, which is win people over as they take the time to actually learn about it,” said Cory Klippsten, chief executive of Swan, a financial services firm focused on Bitcoin.

In January, the U.S. Securities and Exchange Commission (SEC) authorized crypto companies and traditional finance firms to offer exchange-traded funds, or ETFs, which track Bitcoin’s price. The funds attracted more than $7 billion in investments, driving Bitcoin’s rapid rise.

ETFs are baskets of assets divided into shares. Investors buy shares in the basket rather than directly owning the assets or, in this case, Bitcoin.

But cryptocurrencies remain volatile. Within minutes of hitting Tuesday’s new record, Bitcoin’s price dropped to about $67,500.

“There’s no inherent value,” said John Reed Stark, a former SEC official and an outspoken critic of the crypto industry. “There’s no proven track record of adoption or reliance.”

Sources
PUBLISHED: 06/03/2024; STORY: Graphic News; PICTURES: Getty Images
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