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In a throwback at Bitcoin’s early days, Bitcoin historian Pete Rizzo shared a fun fact on X, noting that exactly 14 years ago today, one Bitcoin (BTC) could be purchased for just $0.05.
This historical fact provides a contrast to Bitcoin’s current market value, demonstrating its phenomenal development and adoption over the last decade and a half.
On this day in 2010, Bitcoin was still in its early stages, known only to a 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 a mere $0.05, Bitcoin’s rise to its present price is nothing short of astonishing. Bitcoin is now traded on major exchanges worldwide, accepted by many businesses, and held by institutional investors.
Bitcoin’s value has skyrocketed, reaching levels inconceivable in its early days. Bitcoin is already trading at more than $60,000 per coin, a remarkable gain that demonstrates its growth and the increasing acceptance of cryptocurrencies in mainstream finance.
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In the most recent development, one of the world’s largest wealth management firms, Morgan Stanley, has authorized hundreds of financial advisers to solicit eligible clients to purchase spot Bitcoin exchange-traded funds as early as next week.
In a remarkable feat, U.S. Bitcoin ETFs have attracted nearly $18 billion in net inflows since their listing in January, marking a record debut for a fund category.
Bitcoin price action
Bitcoin’s price has quadrupled since the beginning of 2023, reaching an all-time high of $73,798 in March, boosted by demand for U.S. exchange-traded funds. The surge has recently eased, as has the pace of ETF inflows.
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Bitcoin is extending its sell-off from a six-week high of nearly $70,000 reached on July 29. Since this date, Bitcoin has marked five out of six days in losses and is currently trading in red, down about 11% weekly. At the time of writing, Bitcoin was down 2.14% in the last 24 hours to $60,279.
CoinGlass data show that over $162 million worth of bullish crypto wagers in the market were liquidated in the past 24 hours, accounting for the majority of a total $197 million liquidations.
