The $1 trillion club welcomes Bitcoin back

For the first time in more than two years, Bitcoin's market capitalization has surpassed $1 trillion.

The current market capitalization of the most popular cryptocurrency exceeds that of Berkshire Hathaway, the world's eighth-largest firm, which is valued at US$856.81 billion.

On Valentine's Day, Bitcoin prices began their ascent after yesterday's decline due to the unexpectedly high January inflation figures released by the United States.

At midday ET, the first cryptocurrency built on the blockchain was trading at $51,733, up roughly 7% in the last day and 20% in the past week, according to data compiled

Just over a month after 11 spot Bitcoin exchange-traded funds were approved by the U.S. Securities and Exchange Commission, providing investors with a new way to trade the cryptocurrency, Bitcoin's valuation reverted to $1 trillion.

According to statistics published by CoinShares, U.S. Bitcoin ETFs had a net inflow of $4 billion yesterday, with the greatest daily inflow of $651 million. These ETFs enable investors to trade Bitcoin shares on the stock market of the world's largest economy.

The next major event for the Bitcoin network, the quadrennial halving, is currently in the sights of Bitcoin investors. This event reduces miner payouts from 6.25 BTC per block to 3.125 BTC, therefore decreasing the input of Bitcoin into the economy. The Bitcoin blockchain generates a new block every ten minutes.

The halving event happens every 210,000 blocks, or around every four years, in Bitcoin.

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