February 22, 2024
1 min read

Bitcoin market cap scales $1 trillion

The year 2022 was marked by the high-profile implosion of crypto exchange FTX…reports Asian Lite News

The value of the world’s most popular cryptocurrency, Bitcoin, has more than tripled to $52,000 since November 2022.

The year 2022 was marked by the high-profile implosion of crypto exchange FTX, which triggered liquidity crises at several smaller crypto firms, CNN reported.

Following bitcoin’s gains in 2023, investors have returned in droves in recent weeks, pushing the asset’s market capitalisation above $1 trillion for the first time since its 2021 heyday, based on data from CoinMarketCap, the report said.

In contrast to traditional currencies, the supply of Bitcoin is limited and is expected to peak in 2140, according to the price-tracking website for cryptocurrencies.

Money flows into Bitcoin have been boosted by the recent launch of exchange-traded funds that invest directly in the cryptocurrency and which have made it easier for retail investors to put money into the asset. The value of bitcoin has risen nearly 13 per cent since January 10, when US regulators gave the green light to investment firms wishing to offer such funds, CNN reported.

Bitcoin remains far from its all-time high of $69,000, reached in November 2021, but industry players expect it to keep climbing this year and that peak may be surpassed, CNN reported.

Part of the bullishness is down to Bitcoin’s upcoming “halving” — a feature of its design that automatically halves the rate of new coins entering circulation, an event taking place roughly every four years.

ALSO READ: Zee Denies Sony Merger Talks

Previous Story

Stokes May Bowl in Fourth Test, Hints Pope

Next Story

Jungle Ventures to Invest $20M in India’s Walko Food

Latest from Business

RBI Holds Rates, Boosts Outlook

One of the most significant announcements was the upward revision of India’s GDP growth forecast for FY 2025–26—from 6.5% to 6.8% In a move reflecting cautious optimism, the Reserve Bank of India

Nykaa Expands Global Footprint with UK Debut

To commemorate this significant global debut, Nykaa’s leadership hosted an exclusive soiree at the George Club in Mayfair, London Nykaa, India’s leading beauty and lifestyle destination, is set to make a grand

Nothing’s CMF Goes Indian with $100M JV

Company has announced a $100 million joint venture with Indian electronics manufacturer Optiemus Infracom Limited….reports Asian Lite News Smartphone maker Nothing has spun off its budget sub-brand CMF into an independent subsidiary,

Airbnb Boosts India Economy

Among international guests, the largest inbound sources were the United States, United Kingdom, Canada, and Australia Hospitality giant Airbnb made a significant impact on India’s economy in 2024, contributing Rs 113 billion

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s
Go toTop

Don't Miss

WazirX announces the launch of India’s first NFT marketplace

The popularity of cryptocurrencies over the last 18 months has

Bitcoin Hits $100K, Eyes $120K 

Discussions around a US Strategic Bitcoin Reserve and corporate treasury