Bitcoin to moon? Why is it near an all-time high?

Jamie Dimon, CEO of JPMorgan Chase, likened bitcoin to a pet rock last month when its price was poised to hit $45,000, telling people to "stop talking about this .Bitcoin holders may now relax and enjoy their windfall.

The cryptocurrency's price has soared by an astounding 20% in the past week. Bitcoin last traded above $60,000 in November 2021, and with Wednesday's advances, it's very close to its all-time high of roughly $69,000.

The approval of bitcoin exchange-traded funds last month by the US Securities and Exchange Commission has attracted billions of cash, which is fueling the boom.

An other important consideration is the impending "halving" of bitcoin. In Bitcoin, there is an inherent mechanism called halving that decreases the number of new coins entering circulation. In principle, it raises the price of bitcoin every four years or so due to the increased scarcity of the already limited money. In practice, however, this is not always the case.

This is due to the fact that once reaching a certain level, the bitcoin miners' reward—which is paid in bitcoin—is halved. The miners are responsible for the algorithms that solve the intricate mathematical challenges inherent to the currency.

Bitcoin halvings have historically sparked lengthy bull markets. However, this is the result every time; there is no exception to this rule. Anything good that may come out of halves could be ruined by a slew of things, such future laws

Investors, however, appear to be pretty hopeful that this won't come to pass, and they are racing to either join the action or get their money out. The crypto exchange site Coinbase saw significant problems due to the influx of traders, according to X Wednesday post by Coinbase CEO Brian Armstrong.

Around 1 pm ET on Wednesday, Coinbase Support posted on X that "some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling." We will offer you an update immediately as our team investigates this. Your possessions are secure.

Coinbase wrote in another X post an hour and a half later that it was "beginning to see improvement in customer trading." The statement went on to say that consumers could be seeing problems "due to increased traffic."

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