Bitcoin hits fresh record above $71,000

March 11, 2024 | 16:33
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Bitcoin hit a fresh record above $71,000 on Monday as demand for the cryptocurrency picks up amid optimism that the Federal Reserve will cut interest rates this year.
Bitcoin hits fresh record above $71,000
Bitcoin hits fresh record above $71,000, illustration photo/ Source: freepik.com

The unit hit a peak of $71,432 in afternoon Asian business, according to Bloomberg data, meaning it has advanced almost 70 percent this year.

The rally was helped by news that Britain's Financial Conduct Authority had said it would allow the creation of crypto-related securities.

That comes after US authorities gave the green light this year to exchange-traded funds pegged to bitcoin's spot price, persuading some mainstream investors to take the plunge by adding the unit to their portfolio.

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Bitcoin is forecast to keep on rising after hitting fresh two-year highs above $50,000 on Thursday, leaving analysts to wonder whether investors have moved on from recent cryptocurrency setbacks, including scandals.

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Bitcoin passed the $60,000 mark on Wednesday, approaching its all-time high and continuing its unbridled rise since the approval of a new type of investment indexed to the cryptocurrency.

Gold, bitcoin pull back from records as US stock markets slip Gold, bitcoin pull back from records as US stock markets slip

Gold prices and bitcoin hit all-time highs Tuesday before paring some gains, while a sell-off in some tech stocks led to a slump in many stock markets around the world.

By AFP

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