Bitcoin Hits Fresh Record Above $71,000
Bitcoin hit a fresh record above $71,000 on Monday as demand for the cryptocurrency picks up amid optimism that the Federal Reserve will cut interest rates this year.
The unit hit a peak of $71,432 in afternoon Asian business, according to Bloomberg data, meaning it has advanced almost 70 percent this year.
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The rally was helped by news that Britain’s Financial Conduct Authority had said it would allow the creation of crypto-related securities.
That comes after US authorities gave the green light this year to exchange-traded funds pegged to bitcoin’s spot price, persuading some mainstream investors to take the plunge by adding the unit to their portfolio.
