Bitcoin Hits New Record as Demand Continues to Rise

Continuing its crazy run, bitcoin reached a new record on March 11, 2024 as demand for this cryptocurrency continues to rise. The virtual unit struck $72,234 as dealers also eyed an upcoming industry event that traditionally boosts bitcoin’s price. Monday’s spurt extended last week’s record-breaking run when the currency bulldozed its way past the previous November 2021 pinnacle of $68,991.

Bitcoin won further support Monday after Britain’s Financial Conduct Authority watchdog said it would join US regulators by allowing the creation of crypto-related securities. US authorities earlier this year gave the green light to exchange-traded funds (ETFs) pegged to bitcoin’s spot price, making it easier for mainstream investors to add the unit to their portfolio. “This (FCA statement) suggests that crypto is going mainstream, and not just bitcoin but also other established coins,” XTB analyst Kathleen Brooks told AFP

Source: News Formal (newsformal.com)

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