U.Today – In a throwback to the early days of , Bitcoin historian Pete Rizzo shared a fun fact about X, noting that exactly 14 years ago, one Bitcoin (BTC) could be purchased for just $0.05.
This historical fact contrasts with the current market value of Bitcoin, demonstrating its phenomenal development and adoption over the past decade and a half.
On this day in 2010, Bitcoin was still in its early stages, known only to a few tech enthusiasts and early adopters. The cryptocurrency, created by the mysterious Satoshi Nakamoto, was still in the process of proving its utility and value proposition.
Bitcoin’s rise from just $0.05 to its current price is nothing short of astonishing. Bitcoin is now traded on major stock exchanges around the world, accepted by many businesses, and held by institutional investors.
The value of Bitcoin has skyrocketed and reached levels that were inconceivable in its early days. Bitcoin is now trading at over $60,000 per coin, a remarkable gain that demonstrates its growth and the growing acceptance of cryptocurrencies in traditional finance.
In the latest development, one of the world's largest wealth management firms, Morgan Stanley, has authorized hundreds of financial advisors to solicit eligible clients to purchase spot Bitcoin exchange-traded funds starting next week.
In a remarkable feat, US Bitcoin ETFs have attracted nearly $18 billion in net inflows since their listing in January, marking a record debut for a fund category.
Bitcoin Price Action
The price of bitcoin has quadrupled since the start of 2023 and hit an all-time high of $73,798 in March, driven by demand for U.S. exchange-traded funds. The rise has slowed recently, as has the pace of ETF inflows.
Bitcoin is extending its decline from a six-week high of nearly $70,000 reached on July 29. Since that date, Bitcoin has recorded five out of six days of losses and is currently trading in the red, down around 11% on a weekly basis. At the time of writing, Bitcoin had fallen 2.14% over the past 24 hours to $60,279.
Data from CoinGlass shows that over $162 million worth of bullish crypto bets were liquidated on the market in the past 24 hours, accounting for the majority of a total liquidation of $197 million.
This article was originally published on U.Today
