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Bitcoin on a tear, 6th straight day up, hits record high of $71,500
The Business Guardian
|March 12, 2024
On March 11, Bitcoin soared to a new record high, surpassing the $71,000 mark, signalling a relentless surge in the world's largest cryptocurrency. According to data from CoinDesk, it peaked at $71,649.3.
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The ongoing rally in Bitcoin has been fuelled by a substantial influx of funds into newly launched spot bitcoin exchange-traded funds (ETFs), along with growing expectations that the Federal Reserve might soon slash interest rates.
The recent approval of 11 spot bitcoin ETFs by the US Securities and Exchange Commission (SEC) in late January has been viewed as a landmark moment for the cryptocurrency industry.
This development comes after an 18-month period of crypto winter, characterized by numerous high-profile corporate bankruptcies and scandals.
"Investors are recognizing Bitcoin as an uncorrelated asset, making it highly attractive for portfolio diversification," commented Joel Kruger, market strategist at digital currencies exchange LMAX Group, speaking to CBS Money Watch.
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