Bitcoin, which has been on the rise for days in a row, first surpassed $58,000, then $59,000 and finally $61,000 today. Rising to $61,790, the largest cryptocurrency has thus realized a first since November 2021.

The surge in Bitcoin came on the back of record investments in ETFs. Yesterday, BlackRock’s Bitcoin ETF saw a net investment of $520 million. The figure, combined with investments in other Bitcoin ETFs, has recently started to create buying pressure far in excess of the amount of Bitcoin mined daily. This has manifested itself in a surge in the Bitcoin price.

On the other hand, the upcoming halving is also thought to have an impact on the price. In April, the block rewards given to miners will be halved. Thus, the amount of BTC produced daily will decrease by 50%.

YOU MAY BE INTERESTED IN – Why is Bitcoin rising? After 2 years, another level has been surpassed

Bitcoin is trading at $61,715 as of 07.37 pm. The market capitalization of cryptocurrency was 1 trillion 180 billion dollars.

FOMO, short for Fear of missing out, refers to the masses making purchases due to the fear of missing the opportunity in the market.