The cryptocurrency surged to a record high as cash flowed into new Bitcoin spot exchange-traded funds.
The rate of the most popular cryptocurrency Bitcoin set a new historical record, exceeding the psychological threshold of 70 thousand dollars for the first time. This was confirmed by the trading results on Monday, March 11.
At 10:00 Kyiv time, the Bitcoin rate increased by $1,720 (+2.47%) and was worth $71,393. Cryptocurrency growth shows no signs of slowing down.
“The cryptocurrency has risen to a flood of cash in the new Bitcoin spot exchange-traded fund, as well as hopes that the US Federal Reserve will soon cut interest rates,” wrote Reuters.
Recall that on March 5, Bitcoin reached a record $69,202, but on the same day fell by about 7% to $63,400.
But now cryptocurrency market analysts note that Bitcoin is actively growing before the so-called splitting, or April split, a process that takes place every four years in which the rate of issuance of tokens is divided among those miner The supply of Bitcoin is limited to 21 million, of which 19 million have already been mined.
We remind you that in January the United States took an important step towards legalizing Bitcoin. The SEC allowed fund industry heavyweights BlackRock, Invesco and Fidelity to compete with smaller rivals including Valkyrie to begin trading. After that, the price of the cryptocurrency began to rise rapidly.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.