The price of bitcoin (BTC) soared to an all-time high of $70,083 (equivalent to over 6.3 million rubles) during trading on March 8, as reported by data from Binance exchange.
After hitting the $70,000 milestone, the digital currency experienced a rapid decline in value and was trading at around $68,000, according to Bloomberg. Additionally, the price of Ethereum neared $4,000 for the first time since December 2021.
On March 5, at 6:00 PM Moscow time, bitcoin’s price surpassed $69,000 (over 6.2 million rubles) for the first time in history. The previous record was achieved by the cryptocurrency in November 2021, when the price of bitcoin reached $68,999.
The Central Bank of the Russian Federation advised financial institutions to reduce their involvement in digital currencies
Finance / Banks
Investor interest in cryptocurrencies surged following the approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission in late January. On March 5, bitcoin’s market capitalization broke its 2021 record, reaching $1.35 trillion.
According to Bloomberg, the surge in capitalization was driven by an increased demand for bitcoin from new spot exchange-traded funds (ETFs) in the United States. Notably, investment firms like Blackrock and Fidelity Investments poured around $8 billion into bitcoin since January 11.
In mid-June 2023, bitcoin’s value plummeted to nearly $18,000, marking the lowest point since late 2020. In January 2022, predictions were made for bitcoin’s value to reach $ 100,000 if it gains a larger market share than gold. Analysts at Goldman Sachs suggested that if bitcoin’s share of the savings market were to “hypothetically” grow to 50% in the next five years, its value could slightly surpass $100,000 with an annual return of 17-18%. The bank estimated that bitcoin’s market capitalization adjusted for turnover was less than $700 billion, approximately 20% of the combined market share of bitcoin and gold. The current estimated capitalization stands at $ 1.34 trillion.