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.
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.
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.
