Bitcoin Surpasses Silver in Value Amidst Record Highs and Legal Battles
Mar. 11, 2024 06:36 PMKey Points
- 1. Bitcoin surpasses silver in value, reaching a staggering $72,325 USD, highlighting its growing prominence in the financial world.
- 2. BlackRock's ETF now holds more Bitcoin than MicroStrategy, marking a significant milestone in cryptocurrency investment.
- 3. Binance faces legal challenges, including a class-action lawsuit and ongoing litigation with the SEC.
- 4. Bitcoin miners' energy consumption has surged by 60% in the past year, driven by new mining rigs and increased network hash rate.
- 5. Despite its soaring value, Bitcoin's transaction fees for high-priority transactions remain relatively stable.
As of March 11, 2024, at 2:55 PM, Bitcoin has reached a staggering value of $72,325 USD, eclipsing silver in terms of worth.
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The Final Battle: Bitcoin vs Silver
The digital currency's ascent has been remarkable, with its market capitalization soaring to $1.4 trillion after surpassing the $71,600 mark per unit. This surge in value underscores Bitcoin's growing prominence in the financial world.
In a noteworthy development, BlackRock's ETF now holds more Bitcoin than MicroStrategy, marking a significant milestone in the world of cryptocurrency investment. The iShares Bitcoin Trust currently boasts nearly 200,000 BTC, making it the second-largest Bitcoin ETF.
However, it's not all smooth sailing for cryptocurrency exchanges. Binance faces more legal challenges as a US appeals court overturned a ruling dismissing a class-action lawsuit against the exchange for the sale of unregistered securities. This setback adds to the regulatory woes that Binance has faced, including ongoing litigation with the SEC.
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The recent bull run has also led to record energy consumption by Bitcoin miners. Over the past 12 months, the electricity consumption for Bitcoin mining has surged by 60%, driven by the influx of new mining rigs and spikes in the network's hash rate.
As Bitcoin continues to trade above $71,700, it marks a historic milestone for the cryptocurrency. Despite its soaring value, transaction fees for high-priority transactions remain relatively stable, hovering around $1.6 or 16 satoshis per byte.
Bitcoin's remarkable ascent underscores its growing influence in the financial landscape, with investors closely monitoring its trajectory amidst a backdrop of legal battles and environmental concerns.