Bitcoin hits record above US$71,000 as demand frenzy intensifies

Bitcoin rose by as much as 4.8 per cent to a record US$71,677 in European trading, bringing gains for the year so far to 70 per cent

The world’s most valuable cryptocurrency has been boosted by a flood of cash into new spot bitcoin exchange-traded funds and hopes that the US Fed will soon cut rates

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An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong. Bitcoin rose by as much as 4.8 per cent to a record US$71,677 in European trading, bringing gains for the year so far to 70 per cent. Photo: AP

Published: 6:03pm, 11 Mar 2024

Bitcoin hit a record high on Monday above US$71,000, as the surge in the biggest cryptocurrency showed no signs of slowing down.

Britain’s financial watchdog on Monday became the latest regulator to pave the way for digital asset trading products after saying on Monday it will now permit recognised investment exchanges to launch crypto-backed exchange-traded notes.

Bitcoin rose by as much as 4.8 per cent to a record US$71,677 in European trading, bringing gains for the year so far to 70 per cent.

The world’s most valuable cryptocurrency has been boosted by a flood of cash into new spot bitcoin exchange-traded funds as well as hopes that the Federal Reserve will soon cut interest rates.

The Nasdaq board in Times Square displays scenes from ringing the opening bell as bitcoin Spot ETF’s launch on the Nasdaq Exchange on January 11 in New York City. Photo: AFP

Flows of capital into the 10 largest US spot bitcoin exchange-traded funds slowed to a two-week low in the week to March 8, but still reached almost US$2 billion, according to LSEG data.

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