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Bitcoin surged past $57,000, reaching its highest level since December 2021

-Editorial

The Bitcoin price exceeded $60,000 during early U.S. trading hours on Feb. 28, marking its first time above that level since November 2021.

This week’s rally seems driven by substantial inflows into U.S.-based spot ETFs, with the new funds adding over 12,000 bitcoins on Tuesday, following an addition of about 10,000 on Monday. Bitcoin traded at $60,200, up about 6% in the past 24 hours.

As the world’s tenth-largest asset by market cap, Bitcoin is on the verge of surpassing Meta’s (formerly Facebook) $1.24 trillion valuation, positioning itself as a formidable player in the financial landscape. Furthermore, with a market cap closely approaching the $1.27 trillion value of silver, Bitcoin seems poised to redefine its standing on the global stage. This trajectory finds support in recent inflows and increased trading volumes from spot bitcoin exchange-traded funds, amassing an impressive 300,000 BTC. The ascent to the $60,000 mark aligns seamlessly with the eagerly anticipated halving event, a mere 52 days away, adding to the positive momentum propelling Bitcoin’s rise. The halving, a mandated event in the Bitcoin code, reduces the mining reward by half to limit the cryptocurrency’s supply. The upcoming halving, anticipated in April, has already had a positive impact on Bitcoin-related equities. Crypto exchange Coinbase experienced a more than 4% increase in shares, and the bitcoin proxy Microstrategy saw an impressive jump of 10%.

This has been an important week for Bitcoin as they announced changes in their leadership team. Most recently, Bitcoin revealed the departure of its CEO, Dennis Jarvis, and the appointment of Corbin Fraser as the new Interim CEO. This strategic leadership shift signals a fresh chapter in Bitcoin.com’s journey to democratize cryptocurrency access worldwide.

During his nearly six-year tenure, Jarvis steered Bitcoin.com through substantial growth, introducing groundbreaking products to advance global economic freedom. Reflecting on his time, Jarvis expressed gratitude for the chance to lead impactful initiatives, framing his departure as a decision rooted in accomplishment, leaving behind a legacy of success.

Stepping into the role of Interim CEO, Fraser brings over nine years of extensive experience and a profound passion for the cryptocurrency ecosystem. Having joined Bitcoin.com as an engineer in 2017, Fraser’s collaboration with founder Roger Ver has played a pivotal role in shaping the company’s direction and ethos.

Beyond being a seasoned crypto veteran, Corbin embodies innovation and inclusivity, the core values of Bitcoin.com. As a staunch advocate for cryptocurrency accessibility, his philosophy embraces a multi-coin world, prioritizing speed and low transaction fees over coin maximalism, the press release read.

As the former head of Financial Services at Bitcoin.com, developer, DeFi enthusiast, and advisor to Bitcoin.com’s ecosystem token VERSE, Corbin’s multifaceted experience uniquely qualifies him to guide Bitcoin.com into its next growth phase. His vision includes enhancing product offerings to ensure they remain fast, user-friendly, and integral to everyday financial activities.

 

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