The price of Bitcoin surged to a new high on February 27 as per data from Coinmarketcap.
This latest price surge represents the highest point for Bitcoin since early December 2021, a period during which the cryptocurrency experienced a downward trend in its valuation.
The renewed bullish momentum in Bitcoin's price propelled its market capitalization to exceed $1.1 trillion, a level not seen since late 2021. Concurrently, other major cryptocurrencies also experienced growth, with Ethereum hitting an annual high of $3,200.
This move by MicroStrategy spurred a 16% increase in the company's shares within a single day. Similarly, leading cryptocurrency exchange Coinbase witnessed a surge in its stock price, with its securities more than tripling in value since 2023.
According to Coinbase CFO Alecia Haas, the surge in cryptocurrency prices was partly fueled by the commencement of trading in cryptocurrency exchange-traded funds (ETFs). The US Securities and Exchange Commission's approval of 11 ETFs for public trading in January marked a significant development in the cryptocurrency market.
The anticipation surrounding the impending trading of Bitcoin-linked ETFs helped Bitcoin largely recover from its price decline in 2022. While Bitcoin initially experienced a dip in value following the launch of these ETFs, it has demonstrated a consistent upward trajectory since February.
Earlier Daryo reported that the OKX cryptocurrency exchange would cease operations for users from Uzbekistan.
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