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ABC News Daily
How Bitcoin bounced back
Mar 17, 2024
Exploring the recent surge of Bitcoin and its transition from a global currency to an investment asset. Discussing the rollercoaster ride of cryptocurrency markets, Bitcoin's resilient rebound, skyrocketing value, investment vehicles, and the uncertainty of its future.
13:28
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Quick takeaways
- Bitcoin's price surge is driven by institutional investments and approval of investment vehicles like ETFs.
- Bitcoin's value is likened to digital gold, sparking interest due to macroeconomic factors and skepticism about its economic model.
Deep dives
The Rise and Fall of Bitcoin's Price
Bitcoin's value experienced extreme fluctuations in 2022, reaching a high of around $69,000 per coin, followed by crashes due to fraud and optimism gone sour. The cryptocurrency exchange FTX collapsed, leading to a significant price drop to $17,000. Despite these setbacks, the recent surge in Bitcoin's value has seen it surpass its previous high, attributed to factors like institutional investment support and the approval of Bitcoin investment vehicles like ETFs.
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Discover
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