On Monday, Bitcoin surged to a new all-time high above $71,000 as demand for the cryptocurrency continues to increase amidst expectations of a potential interest rate cut by the Federal Reserve.
According to Bloomberg data, Bitcoin reached a peak of $71,432 during afternoon trading in Asia, marking an impressive 70 percent gain since the beginning of the year.
The cryptocurrency’s rally received a boost from news that the Financial Conduct Authority in Britain announced its decision to permit the creation of crypto-related securities.
Related News: Traders in Ogun Express Concerns Over Poor Patronage During Ramadan
Additionally, earlier this year, US authorities approved exchange-traded funds (ETFs) tied to bitcoin’s spot price, encouraging mainstream investors to include the digital asset in their portfolios.
These developments reflect growing confidence in Bitcoin and its potential as an investment vehicle, prompting more investors to enter the market and contributing to its remarkable surge in value.
You can also read: Troops Conduct Raid on Sambisa Forest, Kill Eight Terrorists, Recover Weapons