Bitcoin has reached a new all-time high, surpassing $69,000, while other cryptocurrencies like Ethereum also experience price surges amidst a broader upswing in the crypto market.

This milestone surpasses the previous peak set by Bitcoin in November 2021, marking a remarkable 190% increase in its value over the past year. The former record stood at $68,990.90.

The notable surge aligns with the recent approval of several new exchange-traded funds (ETFs) by US regulators earlier this year, tracking Bitcoin’s price. Major financial players like Fidelity and BlackRock are among those offering these ETFs, and their approval by the Securities and Exchange Commission has been hailed by crypto advocates as a testament to the legitimacy and enduring strength of the cryptocurrency market. This week, the ETFs witnessed a surge in trading activity corresponding to the rising price of Bitcoin.

Adding to the momentum, Bitcoin is approaching a significant event known as the “halving,” occurring every four years. This event reduces the rewards for Bitcoin miners, aiming to control the overall supply of the cryptocurrency available for trading. Halvings typically lead to heightened speculation and increased investor activity surrounding the cryptocurrency.

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