By Melvin Onwubuke
The value of Bitcoin, the world most popular cryptocurrency has more than tripled to $52,000 since November, 2022. There was a high profile implosion of crypto exchange FTX in 2022, which accounted for the liquidity crisis at several crypto firms.
According to CNN, following the gains of 2023, investors have returned in large numbers, propelling the asset’s market capitalization above $1 trillion for the first time in 2years. Data from CoinMarketCap.
Cash inflow of Bitcoin have been propelled by the recent launch of exchange-traded firms, that invest directly in the Cryptocurrency. Thereby, making it easier for retail investors to put money into the assets.
It is reported, the value of Bitcoin has risen to nearly 13% since January 10, when US regulators gave the approval to investment firms wishing to offer such funds.
Before the approval of Bitcoin exchange -traded funds, Gary Gensler, Chair of the US Security and Exchange Commission, said on X: “A number of major platforms and cryptocurrency assets continue to be subject of significant risk.”
However, Bitcoin recent rise, won’t have changed the truth for investors; the asset remains a risky, prone to high volatility in value.
