{"id":65677,"date":"2024-02-29T04:44:05","date_gmt":"2024-02-29T04:44:05","guid":{"rendered":"https:\/\/pakistaninewspaperlist.com\/news\/bitcoin-hits-60000-for-first-time-in-over-two-years\/"},"modified":"2024-02-29T04:44:05","modified_gmt":"2024-02-29T04:44:05","slug":"bitcoin-hits-60000-for-first-time-in-over-two-years","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/bitcoin-hits-60000-for-first-time-in-over-two-years\/","title":{"rendered":"Bitcoin hits $60,000 for first time in over two years"},"content":{"rendered":"<p><\/p>\n<div dir=\"auto\">\n<p>LONDON: Bitcoin hit $60,000 on Wednesday for the first time in more than two years, as a flurry of capital into new US spot bitcoin exchange traded products fuelled a 42 per cent price rally in February, which would mark its largest monthly gain since December 2020.<\/p>\n<p>Bitcoin was last up 6 per cent at $60,131, its highest since November 2021, when it hit a record just below $70,000. Bitcoin was also heading for its largest week-on-week gain in a year, up 18.5pc since Feb 21.<\/p>\n<p>Traders have poured into bitcoin ahead of April\u2019s halving event \u2014 a process designed to slow the release of the cryptocurrency. In addition, the prospect of the Federal Reserve delivering a series of rate cuts this year has fed investor appetite for higher-yielding or more volatile assets.<\/p>\n<figure class=\"media  sm:w-1\/2  w-full  media--right  media--embed  media--uneven\">\n<p>    <iframe class=\"nk-iframe\" onload=\"setInterval(()=&gt;{try{this.style.height=this.contentWindow.document.body.scrollHeight+'px';}catch{}}, 100)\" width=\"100%\" frameborder=\"0\" scrolling=\"no\" style=\"height:400px;position:relative\" src=\"https:\/\/www.dawn.com\/news\/card\/1655079\" sandbox=\"allow-same-origin allow-scripts allow-popups allow-modals allow-forms\"><\/iframe><\/p>\n<\/figure>\n<p>The bigger bitcoin exchange-traded funds (ETFs) have seen a definite pickup in interest this week.<\/p>\n<p>\u201cBitcoin is being driven by the support of consistent inflows into the new spot ETFs and outlook for April\u2019s halving event and June\u2019s Fed interest rate cuts,\u201d Ben Laidler, global markets strategist at retail investment platform eToro, said.<\/p>\n<p>The value of all the bitcoin in circulation has topped $2 trillion this month for the first time in two years, according to crypto platform CoinGecko, while the price of the token itself has doubled in just four months.<\/p>\n<p>The three most popular, run by Grayscale, Fidelity and BlackRock, have seen trading volumes surge.<\/p>\n<p>On Monday and Tuesday, around 110 million shares in the biggest three changed hands, about 51pc of the 215 million shares traded in the market\u2019s most valuable companies \u2014 Apple, Microsoft and Nvidia, according to LSEG data.<\/p>\n<p>Three weeks ago, this percentage was closer to 15pc.<\/p>\n<p>Meanwhile, the world\u2019s second biggest cryptocurrency Ether, which underpins the Ethereum blockchain network, rose 3.2pc to $3,353, having hit another two-year high earlier in the day. The price has risen 47pc in February, the biggest monthly gain since a 70pc rally in July 2022.<\/p>\n<p><em>Published in Dawn, February 29th, 2024<\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>LONDON: Bitcoin hit $60,000 on Wednesday for the first time in more than two years, as a flurry of capital into new US spot bitcoin exchange traded products fuelled a 42 per cent price rally in February, which would mark its largest monthly gain since December 2020. Bitcoin was last up 6 per cent at [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":65678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/i.dawn.com\/large\/2024\/02\/2909013078a09af.jpg?r=090359","fifu_image_alt":"","footnotes":""},"categories":[192],"tags":[],"class_list":["post-65677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-islamabad-news"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/65677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/comments?post=65677"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/65677\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/65678"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=65677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=65677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=65677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}