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  • Business - Your Money
  • Updated: March 11, 2024

Bitcoin hits record high above $70,400 as surge continues

Bitcoin hits record high above $70,400 as surge continues

Bitcoin surged to a record high above $70,400 on Monday, continuing its upward trend with no signs of slowing.

According to LSEG data, it increased to $70,488.50 during early European trading.

This jump has been attributed to increasing investment in new spot bitcoin exchange-traded funds and anticipation about the Federal Reserve's impending interest rate cuts.

Bitcoin topped $69,000 last week, with the surge correlating with increased demand and recent regulatory approvals, particularly for spot bitcoin ETFs in the United States.

The spike also comes ahead of the anticipated bitcoin halving event, which is set for mid-April and has historically driven increased interest and price increases in cryptocurrencies.

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