Bitcoin surges to $60,000, approaching record highs

Bitcoin has reached $60,000 for the first time since November 2021, edging close to a new record high for the cryptocurrency.

The price of one Bitcoin rose to $60,519 on Wednesday afternoon, following several days of significant increases.

This surge brings Bitcoin within reach of its all-time high of $67,077, recorded on November 9, 2021, when many individuals turned to digital assets during the pandemic.

After experiencing a sharp decline in late 2022, Bitcoin has seen a resurgence, largely attributed to new products in the US that allow people to monitor Bitcoin's value without directly owning it, known as exchange-traded funds (ETFs).

Since the beginning of 2024, Bitcoin has risen by 42percent, with a 20percent increase since last Saturday.

Despite its renown for volatility, the usage of Bitcoin remains illegal in Ghana.

The recent surge in value precedes the upcoming bitcoin "halving" event scheduled for April, where the number of new Bitcoin entering the market will be permanently reduced by 50percent.

This process aims to decrease the release of Bitcoin, which has a capped supply of 21 million tokens, of which 19 million have already been created.

Bitcoin has historically rallied following previous halving events, including the most recent one in 2020.

Bitcoin prices experienced a notable increase in the first weeks of the year following a security breach at the US financial market regulator.

An unauthorized and false post from the US Securities and Exchange Commission (SEC) Twitter account claimed approval for Bitcoin ETFs, leading to a spike in Bitcoin prices.