Bitcoin hits fresh record above $71,000

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Bitcoin hit a fresh record above $71,000 on Monday as demand for the cryptocurrency picked up amid optimism that the Federal Reserve will cut interest rates this year.

About a week ago, Bitcoin reached a historic high above $69,000, benefiting from increased accessibility for trading and tightening supplies of the world’s largest cryptocurrency.

The cryptocurrency surged to a new peak of $71,432 during afternoon trading in Asia, as reported by Bloomberg data, marking a nearly 70% increase in value since the beginning of the year.

This surge was supported by news that the Financial Conduct Authority in Britain announced its approval for the creation of crypto-related securities.

Additionally, US authorities granted approval earlier this year for exchange-traded funds linked to Bitcoin’s spot price, which encouraged some mainstream investors to diversify their portfolios by incorporating the cryptocurrency.