New Delhi: Bitcoin’s value soared to unprecedented heights on Monday, surpassing the $71,000 mark for the first time. This surge represents the latest peak in the cryptocurrency’s meteoric rise, which has shown no indication of abating. The milestone was reached amid a broader trend of increasing acceptance of digital assets, highlighted by the UK’s financial watchdog’s recent decision to allow recognized investment exchanges to offer crypto-backed exchange-traded notes (ETNs).
In European markets, Bitcoin’s price escalated by up to 4.8%, reaching an all-time high of $71,677. This increase has propelled the cryptocurrency’s gains to an impressive 70% since the beginning of the year.
The surge in Bitcoin’s value can be attributed to a significant influx of investment into new spot bitcoin exchange-traded funds (ETFs), coupled with the anticipation that the Federal Reserve may implement interest rate cuts shortly. Despite a slight deceleration in the flow of capital to the 10 largest US spot bitcoin ETFs, which hit a two-week low in the week leading up to March 8, the total investment still amounted to nearly $2 billion, as per data from the London Stock Exchange Group (LSEG).
This financial milestone for Bitcoin underscores the growing investor confidence in the cryptocurrency as a viable asset class, further cemented by the regulatory advancements in the UK and the optimistic outlook on US monetary policy adjustments. The crypto market’s robust performance continues to attract both seasoned and new investors, signaling a potential shift in the landscape of investment and finance.
