14 Years Ago Today, BTC Was Priced at $0.05

In a nostalgic reflection on cryptocurrency’s early days, Bitcoin historian Pete Rizzo highlighted an intriguing fact on social media: 14 years ago today, one Bitcoin (BTC) could be bought for just $0.05.

This historical milestone starkly contrasts with Bitcoin’s current market value, showcasing the cryptocurrency’s remarkable development and increasing adoption over the past decade and a half.

Back in 2010, Bitcoin was still in its infancy, known primarily to a niche group of tech enthusiasts and early adopters. The cryptocurrency, created by the enigmatic Satoshi Nakamoto, was working to establish its utility and value proposition in the financial landscape.

The journey from $0.05 to its present price is nothing short of extraordinary. Bitcoin is now traded on major exchanges around the globe, widely accepted by various businesses, and held by institutional investors. Its value has surged to levels that were unimaginable in its earlier days, with Bitcoin trading at over $60,000 per coin, reflecting its remarkable growth and the rising acceptance of cryptocurrencies in mainstream finance.

Recent developments indicate further institutional interest, as a prominent wealth management firm has begun allowing its financial advisers to engage eligible clients in purchasing spot Bitcoin exchange-traded funds (ETFs) as soon as next week. Since their launch in January, U.S. Bitcoin ETFs have garnered nearly $18 billion in net inflows, marking a record debut for this investment vehicle.

### Bitcoin Price Action

Bitcoin’s price has quadrupled since the start of 2023, reaching an all-time high of $73,798 in March, largely driven by interest in U.S. exchange-traded funds. However, this surge has recently subsided, and the pace of ETF inflows has slowed.

Currently, Bitcoin is experiencing a downturn from a six-week high of nearly $70,000, which it hit on July 29. In the following days, Bitcoin recorded losses on five out of six occasions and is now down approximately 11% weekly. At the latest update, Bitcoin’s price had fallen by 2.14% in the last 24 hours, trading at $60,279.

Analysis reveals that over $162 million in bullish crypto positions were liquidated in the past 24 hours, contributing to a total of $197 million in liquidations across the market.