What is Causing the Current Bitcoin Surge?
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In case you have missed it, Bitcoin is going crazy. Last month, Bitcoin passed up the $45,000 mark. Now, it is headed past $60K, following a 20% jump in just five days.
According to CNN Business, the bitcoin surge is a product of billions pouring into the cryptocurrency after the US Securities and Exchange Commission approved bitcoin exchange-traded funds in January.
Adding to the rise is “halving,” which is a feature of bitcoin that reduces the rate of new coins in circulation every year, making the price go higher.
Conversely, investors are optimistic that halving won’t lead to a positive period and are looking to cash out on the surge. The surge has led to an impact on Coinbase.
“Some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling,” Coinbase Support wrote on Wednesday. “Our team is investigating this & will provide an update shortly. Your assets are safe.”
You can find out more here.
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