Bitcoin, the undisputed leader of cryptocurrencies, has set a new historic record by surpassing the $70,000 mark for the first time.
This Friday, the cryptocurrency’s price peaked at $70,085.85 after rising 1.4% to $68,319 around 3:50 p.m. GMT, exceeding its prior record set earlier in the week. In 2024, Bitcoin’s price has increased by about 60%.
This incredible peak is attributed to renewed interest in risky assets among investors, specifically spurred by speculation concerning a potential cut in interest rates by the US Federal Reserve (Fed) following the publication of the February American employment report. James Harte, an analyst at TickMill, notes that the dollar’s downward movement played a vital role in this dynamic.
Moreover, the cryptocurrency sector is buzzing with the anticipation of the authorization of a new investment product in the United States: a Bitcoin-indexed investment fund (ETF). This would open the door to a wider spectrum of investors, permitting them to speculate on Bitcoin without directly owning it.
Another important driver of investor enthusiasm is the planned April halving, an operation that halves the reward for Bitcoin miners and occurs every four years.
This decline, programmed by Bitcoin’s creator Satoshi Nakamoto, aims to limit the total number of Bitcoins to 21 million.
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