Bitcoin on Monday, reached an all-time high, surpassing $71,000, indicating a relentless surge in the value of the leading cryptocurrency.
The Financial Conduct Authority in the UK joined other regulators in allowing recognized investment exchanges to introduce crypto-backed exchange-traded notes.
During European trading, Bitcoin experienced a 4.8% increase, hitting a historic peak of $71,677 and marking a 70% year-to-date gain. The cryptocurrency’s momentum has been fueled by substantial investments in new spot bitcoin exchange-traded funds and optimism surrounding potential interest rate cuts by the Federal Reserve.
Although capital inflows into the ten largest U.S. spot bitcoin exchange-traded funds slowed to a two-week low by March 8, they still amounted to nearly $2 billion, according to data from LSEG.
The upcoming halving event in April, which reduces the rate of new bitcoin supply and miner rewards every four years, is expected to contribute to a tightening supply.
With a capped supply of 21 million tokens, Ether also experienced a 2.1% increase, reaching around $4,000, close to its highest point in two years. Speculation about the potential approval of spot Ether ETF listings by U.S. regulators has driven a 75% surge in its price this year.
