Bitcoin hits new record above $71,000

Bitcoin has hit a new record above $71,000 on Monday, March 11, 2024, as demand for the cryptocurrency rises amid optimism that the Federal Reserve will cut interest rates this year.

According to Bloomberg data, the unit hit a peak of $71,432 in afternoon Asian business.

This means 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.

BEB