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In the ever-evolving world of cryptocurrency and blockchain technology, 2024 proved to be a pivotal year for Bitcoin, with multiple headlining stories that will undoubtedly go down in history. It is impossible to ignore the trifecta of significant events that transpired this year.
Firstly, we witnessed the long-awaited approval of a Bitcoin ETF (Exchange-Traded Fund) by regulatory bodies. The impact was nothing short of profound, as the news sent shockwaves through the market. The introduction of these funds enabled institutional investors and mainstream financial institutions to participate in the Bitcoin market, effectively opening the floodgates for unprecedented growth.
In an astonishing turn of events, 11 separate ETFs were granted simultaneously, a record that will likely stand for many years to come. It’s worth noting that prominent financial heavy-hitters such as BlackRock, Grayscale, Fidelity, and Franklin Templeton were among those to secure approval. The subsequent surge in price sent Bitcoin soaring from $40,000 to an astonishing $73,000 within a mere eight-week period.
In the aftermath of this monumental development, the narrative shifted towards legitimizing Bitcoin as an investible asset, effectively dispelling concerns surrounding its lack of tangible backing since its inception back in 2008. The unprecedented increase in price further solidified the notion that Bitcoin has officially arrived on the global financial stage.
The culmination of these events, coupled with Donald Trump’s unexpected endorsement during his successful campaign trail, ultimately led to an astonishing milestone being achieved: Bitcoin surpassing $100,000 for the first time ever.
Source: fullycrypto.com
