Bitcoin hits $60,000 – as all-time high nears

Business

Bitcoin has hit $60,000 for the first time since November 2021 – putting the cryptocurrency in touching distance of a new record high.

One Bitcoin cost $60,519 early on Wednesday afternoon after days of huge rises.

It’s close to the all time high of $60,655 recorded on 31 October 2021 when many people turned to the digital asset in the pandemic.

After a punishing collapse in price in late 2022, the digital asset has witnessed a resurgence – in large part due to new products in the US that allow investors to gain exposure to Bitcoin’s price without owning it directly.

Bitcoin has risen by 37% since the year began – and by 20% since Saturday.

That means the world’s biggest cryptocurrency is on course for its biggest monthly gain since December 2020.

Famed for its volatility, figures from the UK’s Financial Conduct Authority suggest almost five million Britons have purchased cryptocurrencies – but in the year to April 2022, 45% of them suffered a loss.

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In pound terms, Bitcoin is currently trading at about £47,500 – and a new record would be set if the digital asset surpasses £54,500.

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