Bitcoin loses its strength

NEW YORK.— After hitting its all-time high above $73,000, bitcoin closed yesterday selling at $68,454.3, according to the Live Coin Watch portal.

This price positions it 95% compared to its value 24 hours ago and 101% compared to the same day last week.

For more than a week, bitcoin has not stopped revalidating its highs: on March 5, it reached $69,191.9 and surpassed the record in force since November 10, 2021 ($68,991). Since January 23, when it fell to its annual low ($38,509), the cryptocurrency has appreciated more than 90%.

The trigger for this bitcoin explosion has been the decision of the SEC, the United States stock market supervisor, to authorize the creation of exchange-traded funds (ETF) linked to this cryptocurrency, which has triggered the entry of institutional investors into the bitcoin market. cryptocurrencies, according to analysts.

Sources believe that, in addition to investment funds, pension funds and sovereign funds will also enter the market.

Another key factor to explain the rise of this crypto asset is the proximity of the next ‘halving’, scheduled for April, which will reduce the reward obtained by bitcoin “miners” by half, which will cut back on the creation of new currencies.

Unlike what happens with currencies issued by central banks, the creation of bitcoins is carried out in a decentralized manner through a process known as “mining.”

Weight Quote

The peso closed the week with gains and ended Friday trading at 16.70 units.

Data

According to Banxico, the currency depreciated just 0.10% yesterday, or 1.65 cents, so the exchange rate closed at 16.70 units. However, this was the third week accumulating gains against the dollar, which was 0.58% or 9.78 cents.