Bitcoin soared to a new all-time high above $71,000 on Monday, driven by increasing demand for the cryptocurrency amidst optimism about potential interest rate cuts by the Federal Reserve.
In afternoon Asian trading, Bitcoin reached a peak of $71,432, marking a nearly 70 percent increase in value since the beginning of the year, according to Bloomberg data.
The surge in Bitcoin’s price was fueled by news from the UK’s Financial Conduct Authority, which announced its approval for the creation of crypto-related securities.
Additionally, US authorities’ recent approval of exchange-traded funds linked to Bitcoin’s spot price has encouraged mainstream investors to consider adding Bitcoin to their investment portfolios. This development has contributed to the growing popularity and adoption of Bitcoin among investors.
AFP