On Wednesday, in London, bitcoin was trading around $60,301, narrowing the gap with its all-time high of $68,991, reached in November 2021. Bitcoin's price has also been boosted by expectations that the US Federal Reserve (Fed) and other major central banks will begin cutting interest rates this year.
Large players in the sector are investing in bitcoin before a technical phenomenon called "halving", expected in April. The upcoming halving is expected to slow the speed at which new bitcoins enter the market, therefore strengthening its value.