FEBRUARY 28 MARKED a significant moment for the popular crypto asset Bitcoin as it surged past $60,000, achieving the milestone for the first time in more than two years. In November 2021, the price of Bitcoin skyrocketed to nearly $69,000 (intra-day) but later plunged by half due to regulatory concerns and high interest rates, diminishing its appeal as an asset class.
The surge last time was driven by the liquidity in the world economy after governments eased monetary policy in the wake of Covid-19. However, this time around, the crypto market has rallied due to factors like the expected rate cut by the US Federal Reserve, the increasing popularity of Bitcoin exchange-traded funds (ETFs), and the anticipation of Bitcoin halving in April.
The resurgence "signifies a pivotal moment in the crypto landscape," says Raj Karkara, Chief Operating Officer (COO) of ZebPay, a crypto exchange. "It not only demonstrates the resilience of digital assets, but also underscores the growing mainstream acceptance of Bitcoin," he says. "The approval of ETFs has played a significant role in expanding the investor base, contributing to the positive sentiment," he adds.
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