Bitcoin rising days
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According to reports, an approval may generate $600 billion in new demand. CryptoQuant analysts believe that an ETF approval will lead to a $1 trillion increase in Bitcoin’s market capitalization. Bitcoin to less month The creator of Bitcoin set the initial block reward at 50 BTC. Since Bitcoin had no monetary value in those days, there was no real incentive to participate in mining, and Satoshi was almost the only miner. However, as early as 17 March 2010, BitcoinMarket.com became the first-ever Bitcoin exchange. That caused a surge of interest in the new currency, and in the spring of 2011, the price of Bitcoin surpassed $1.Why are bitcoin prices rising
The price of Bitcoin is known to be volatile. Bitcoin price reached $60,000 in early 2021 before crashing and losing about 40% of its value in a matter of weeks. In late 2021, prices rose to all-time highs of $68,000. But have dropped to around $20,000 in early 2023. Nevertheless, investors predict that more mainstream use will increase the bitcoin price by about 1,500% over the next decade. Focus on Bitcoin ETFs Even so, the government is cash-strapped. And the losses from Mr Bukele’s bitcoin binge have cost the country in other ways. Analysts and creditors fret that El Salvador will be unable to service its debt, including around $667m due in January. In order to reassure markets that it would avoid a default, the government bought back $565m of its sovereign bonds in September. But that month Fitch, a ratings agency, downgraded the country. El Salvador may turn to China to buy its foreign debt, if a potential free-trade deal is struck.