Bitcoin has achieved a new milestone, surpassing the $71,000 mark on Monday.
This surge is attributed to growing demand for the cryptocurrency, fueled by optimism surrounding potential interest rate cuts by the Federal Reserve later this year.
According to Bloomberg data, Bitcoin reached a peak of $71,432 during afternoon Asian trading, marking an impressive nearly 70% increase in value since the beginning of the year.
Contributing to this rally is the announcement from Britain’s Financial Conduct Authority, signalling its willingness to permit the creation of securities linked to cryptocurrencies.
The approval by US authorities earlier in the year for exchange-traded funds tied to Bitcoin’s spot price has encouraged mainstream investors to diversify their portfolios by incorporating the digital asset.
