Bitcoin Reaches Record-Breaking High of Over 69,000

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The digital currency hit a new all-time high for the first time since November 2021 when it passed $69,000 on Tuesday morning, as demand surged in recent weeks following the spot bitcoin ETF approvals in the U.S. and the pending bitcoin halving in late April. Bitcoin halving, which is usually referred to as “the halvening,” is a periodic decline in bitcoin mining rates, which means the number of bitcoin miners can potentially get for each block mined is cut in half. This process is meant to control the supply of bitcoin over time and once the number of bitcoin in circulation hits 21 million, its total supply, the process will end. The price jump increase is also being driven by the 11 spot bitcoin ETFs the U.S. Securities and Exchange Commission approved in January. The total market cap across the spot bitcoin ETF products is $53.74 billion, according to Blockworks data.