Bitcoin becomes surprisingly strong: price regains $66,000

Bitcoin becomes surprisingly strong: price regains $66,000

The digital currency Bitcoin recovered on Monday from a price slump that occurred over the weekend. The price rose again above $66,000 and was last at $66,341.99. Despite the decline over the weekend, it is clear that Bitcoin is still up about 50 percent this year. Iran's attacks on Israel have caused jitters in both cryptocurrencies and stock markets.

The upcoming halving of the reward for calculating new Bitcoins, known as the halving event, has also led to profit-taking in Bitcoin. This event has often led to price gains in the past. The halving results in the amount of new Bitcoins introduced into the system being halved, which could lead to a potential increase in the price of Bitcoin based on the principle of supply and demand.

The Bitcoin price recovery at the beginning of the week was also influenced by positive market news from Hong Kong. According to reports, Hong Kong securities regulators have given approval to Bitcoin spot ETFs and Ethereum spot ETFs. Although this has not yet been officially confirmed by the Securities and Futures Commission (SFC), this could be a step towards mainstream acceptance of cryptocurrencies. In the US, the SEC’s approval of Bitcoin spot ETFs has resulted in large price premiums and high inflows into the products.