The price of one bitcoin topped $60,000 on Wednesday for the first time since November 2021, when the world’s largest cryptocurrency hit its current record of nearly $67,000.

The boom is a massive turnaround from a year ago, when bitcoin kicked off 2023 below $20,000 and economists were anticipating a wider recession.

Bitcoin has rallied more than 40 percent in February alone, according to CoinDesk Indices, the largest monthly gain since late 2020. The price of bitcoin has more than doubled over the past four months.

The surge comes amid a huge infusion of cash, after the Securities and Exchange Commission approved the first ever U.S. spot exchange-traded funds in January, opening the door to billions in investment from financial institutions such as BlackRock.

Bitcoin dominates just more than half of the global crypto market, accounting for nearly $1.2 trillion of the more than $2.3 trillion in crypto in circulation around the world, according to the crypto data aggregator CoinGecko.

Even as the cryptocurrency industry continues to grow at a rapid pace, it remains to be seen whether Congress passes any comprehensive regulation on the exploding industry.

Looming shutdown deadlines in the near-term, and the 2024 election in full swing leaves less time for legislating, even as crypto champions including House Financial Services Committee Chair Patrick McHenry (R-N.C.), who is retiring at the end of the year, push for action they say will foster U.S. competitiveness and innovation in crypto.

BUGOFF:
Wow. Na eem my kontri pipu go shutdown P2P?!

Shadomaan7:
Wow, Bitcoins recordbreaking surge is truly impressive, but it remains to be seen if Congress will take action to regulate this rapidly growing industry.

EponObi:

Stick with your 50k per month jobs, stick with your freelancing job, let crypto Bois and gals stick with their own. In the next 3 years, we shall which group attains financial freedom.

New Add: this year, Blackrock got their Bitcoin ETF approved. I see some ignoramus saying crypto has no intrinsic value. Mumus. I guess you know better than Blackrock - a wealth manager with more than $10 trillion AUM. Lmaooooo.

Gold ETF was approved in 2004, Bitcoin ETF got approved in 2024. Lol. I can't wait for Jan 2026.

Truths9ja:


https://thehill.com/business/4493999-bitcoin-breaks-60k-for-first-time-since-november-2021/

Truths9ja:
Na illiterate set of ignorant people filled Tinubu government niii. Soon they will ban facebook, Twitter and other social media platforms from accessing the dollar rate in Nigeria 🇳🇬

Truths9ja:
Na illiterate set of ignorant people filled Tinubu government niii. Soon they will ban facebook, Twitter and other social media platforms from accessing the dollar rate in Nigeria 🇳🇬

fuckJones:
Binance has been banned in Canada, China, Japan, UK, Thailand, Europe, Singapore e.t.c

CBN said something isn’t right somewhere with these guys & they have questions to answer

Nigerian are mad at that. How dare the govt fight them.

Same Binance just paid a $4.3bn fine in USA

vickydevoka:

Uk? It's a lie

fuckJones:
Binance has been banned in Canada, China, Japan, UK, Thailand, Europe, Singapore e.t.c

CBN said something isn’t right somewhere with these guys & they have questions to answer

Nigerian are mad at that. How dare the govt fight them.

Same Binance just paid a $4.3bn fine in USA

vickydevoka:

Uk? It's a lie

SoNature:
Congratulations to the investors! More money in the bank! You'd dump it to the next buyer now before it tanks. By the way, when are we going to start using bitcoin to buy basic commodities in Nigerian markets?