Bitcoin, Just a Few Dollars Away from Breaking a Record: Yielded 75% - Koin Bulletin

Bitcoin (BTC) has reached its highest level ever, approaching $73,500 in the past few hours and experiencing a slight pullback.

After reaching its peak in March, Bitcoin entered a period of horizontal consolidation for a few months. The price, which fell to the $50,000 level in the summer, remained in the $60,000-65,000 range for a long time, testing the patience of investors and increasing concerns that the bull market had reached its peak. With each new attempt to reach a peak, miners and long-term investors encountered sales, and pullbacks were quickly supported by purchases.

With the recent price surge, Bitcoin's gain since the beginning of the year has approached 75%, more than doubling from the price at this time last year. One reason for this rise was the approval of spot-based Bitcoin ETFs in the US in January. BlackRock's iShares Bitcoin ETF (IBIT) has been a great success since its launch, accumulating approximately $24 billion as of last week.

Other factors supporting this rally in Bitcoin include new monetary expansion cycles initiated by Western central banks, financial incentives from China, and increasing chances of presidential victory for crypto-friendly GOP candidate Donald Trump.