Bitcoin hit a fresh record above $71,000 on Monday as demand for the cryptocurrency picked up amid optimism that the Federal Reserve will cut interest rates this year.
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.
According to a recent report by Forbes, the recent approval of Bitcoin Exchange Traded Funds (ETFs) in the United States has emerged as a key catalyst for the surge in Bitcoin’s price. This approval has significantly impacted the market dynamics, with crypto traders expressing confidence in Bitcoin’s limited supply and growing demand, propelling the digital currency towards new heights of popularity.
