Bitcoin surged to a new all-time high, surpassing $71,000 on Monday, driven by increasing demand for the cryptocurrency.
Bloomberg data revealed that the digital currency reached a peak of $71,432 during afternoon trading in Asia, marking a nearly 70 percent increase in value since the beginning of the year.
Less than a week earlier, Bitcoin had achieved a record high above $69,000, buoyed by its growing accessibility for trading and tightening supply dynamics.
The rally was further fueled by the announcement from Britain’s Financial Conduct Authority indicating its approval for the creation of crypto-related securities.
This positive momentum follows the approval by US authorities earlier this year for the establishment of exchange-traded funds (ETFs) linked to Bitcoin’s spot price.
This development has encouraged some mainstream investors to enter the market by adding Bitcoin to their investment portfolios.
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