Bitcoin Crosses ,000, New All-Time Record

Bitcoin Crosses $70,000, New All-Time Record

At around 3:50 PM GMT, bitcoin climbed 1.4% to $68,319, shortly after peaking at $70,085.85, a new high since its inception.

The queen of cryptocurrencies thus surpassed her previous record earlier this week. In 2024 alone, the price of Bitcoin will increase by approximately 60%.

The “downward move of the dollar” following Friday’s release of the US February employment report has boosted the price of bitcoin, which is benefiting from growing speculation about an impending interest rate cut by the US Federal Reserve (Fed), explains James Harte out. , analyst at TickMill.

The result is “a sharp increase in risk appetite and a clear move towards high-yield assets such as cryptocurrencies,” Mr Harte continues.

For several months now, the price of bitcoin has been supported by the anticipation of the authorization in the US markets of a new investment product, a mutual fund (ETF) indexed on bitcoin, which will allow a larger part of the public to invest in these crypto assets without hold them directly. Enough to throw the cryptocurrency sector into turmoil.

Another major event that boosts Bitcoin on the market radar: the “halving,” or halving of the reward for Bitcoin miners, those who enable the validation of transactions and the creation of cryptocurrency.

It happens about every four years and the next one is expected in April, which will create “excitement” among investors, notes Matthew Weller of City Index.

The operation is made necessary because the creator of bitcoin, a certain Satoshi Nakamoto whose real identity is unknown, has limited the maximum number of bitcoins in the world to 21 million.

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