A stylized stock market chart showing a significant upward trend, symbolizing a rise in Bitcoin value. The artwork conveys a sense of growth and prosperity in the digital currency world. Bitcoin price crypto market hits record high, first time since 2021

For the first time since November 2021, the price of Bitcoin has surged past $60,000, setting new record highs in local currencies across numerous global markets.

The Bitcoin price rose to $63,968 on Wednesday before falling back to around $60,000. At the time of writing, it stood at $61,463, marking an increase of more than 39% year to date.

The currency has reached new peaks in various places in local terms, including in financially robust countries such as China, Japan, the U.K., and India, as well as emerging markets like Argentina, Turkey, and Egypt.

The swift rise has rekindled memories of the cryptocurrency bull market, which pushed the token to its all-time high of nearly $69,000 in November 2021, as investors rushed in, driven by the fear of “missing out” on potential further increases in price.

Some investors posted on social media about the rapid increase, celebrating the sudden surge.

One anonymous analyst said that, “Bull market has started. If history is any guide, we will see ~10 months of face-melting [fear of missing out] FOMO: extreme price pumps combined with multiple -30% drops.”

Bitcoin ETFs make history

Last month, U.S. authorities gave the green light for the introduction of spot Bitcoin exchange-traded funds (ETFs) by prominent asset managers such as BlackRock and Invesco, setting the stage for a surge of fresh investment from individuals aiming to speculate on the cryptocurrency via a regulated framework.

Investors should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto,” stated Gary Gensler, the U.S. Securities and Exchange Commission chairman.

According to K33 Research as cited by the Financial Times, the 11 funds currently possess 303,000 bitcoins, valued at $18 billion, which corresponds to approximately 1.5% of the total bitcoin supply. Today (1st March), BlackRock’s Bitcoin ETF reached a record $10 billion in assets under management, reportedly marking the quickest time an ETF has achieved this milestone, in just 37 trading days.

Featured image: DALL·E / Canva

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