U.Today – Going back to the early days of Bitcoin, Bitcoin historian Pete Rizzo shared a fun fact on X, noting that exactly 14 years ago, one Bitcoin (BTC) could be purchased for just $0.05.
This historical fact stands in contrast to Bitcoin’s current market value, showing its phenomenal growth and adoption over the past fifteen years.
On this day in 2010, Bitcoin was still in its early stages, known only to a select few tech enthusiasts and early adopters. The cryptocurrency, created by the mysterious Satoshi Nakamoto, was still in the process of proving its utility and value proposition.
From just $0.05, Bitcoin’s rise to its current price is nothing tiny of astonishing. Bitcoin is now traded on major exchanges around the world, accepted by many companies, and held by institutional investors.
Bitcoin’s value has skyrocketed, reaching levels unthinkable in its early days. Bitcoin is now trading at over $60,000 per coin, a remarkable gain that shows its growth and the growing acceptance of cryptocurrencies in mainstream finance.
In the latest development, one of the world’s largest wealth management firms, Morgan Stanley, has authorized hundreds of financial advisors to persuade eligible clients to buy Bitcoin ETFs as early as next week.
In a remarkable achievement, U.S. bitcoin ETFs have attracted almost $18 billion in net investment since their listing in January, marking a record debut for the fund category.
Bitcoin price action
Bitcoin has quadrupled in price since the start of 2023, reaching a record high of $73,798 in March, driven by demand for U.S. ETFs. That growth has slowed recently, as has the pace of ETF inflows.
Bitcoin is extending its sell-off from a six-week high of nearly $70,000 reached on July 29. Since then, Bitcoin has recorded five of the six days of losses and is currently trading in the red, down about 11% for the week. At the time of writing, Bitcoin is down 2.14% in the past 24 hours to $60,279.
CoinGlass data shows that over $162 million worth of cryptocurrency bets were liquidated in the past 24 hours, accounting for the majority of the total liquidation amount of $197 million.
