Bitcoin Surges Past $63,000, Achieving Highest Value Since November 2021

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Bitcoin (BTC) has reached a significant milestone by surpassing $63,000 in value on Wednesday. This marks the first time the original cryptocurrency has risen above this level since the peak of the last bull market in November 2021.

The recent substantial rally coincides with considerable inflows into U.S.-traded spot ETFs (Exchange-Traded Funds). These new funds added over 12,000 bitcoin on Tuesday, following an addition of approximately 10,000 on Monday. This surge occurs ahead of the upcoming bitcoin halving in April, an event that takes place approximately every four years and typically leads to significant price gains as the issuance of new bitcoin decreases.

Bitcoin has been on a strong upward trajectory for several months, with a notable acceleration this week. Just a few days ago, its price was below $51,000, and it has now surpassed $63,000. At the time of this update, bitcoin has experienced an increase of over 10% in the past 24 hours. The broader CoinDesk 20 Index, reflecting the performance of major cryptocurrencies, has also seen a 7.8% rally during the same period.

Bitcoin enthusiasts are now eyeing the cryptocurrency’s all-time high of $69,045, set on November 10, 2021, according to Coingecko. The current rally reflects the growing investor interest and optimism in the cryptocurrency market.

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