Bitcoin reaches new record high, exceeds $72,000

(AFP / Voz Media) Bitcoin reached a new record this Monday, March 11, exceeding $72,000. The cryptocurrency has seen a massive recovery amidst the prospect of the Federal Reserve cutting its interest rates this year.

Bitcoin reached $72,234 as investors watch for an upcoming industry event, which typically increases the price of this virtual asset. This Monday's record surpasses that of last week, when the currency surpassed the previous November 2021 peak of $68,991.

“The cryptocurrency market has soared 350% from its 2022 low and shows little sign of stopping,” said City Index analyst Fiona Cincotta.

The increase was aided by the announcement by U.K. financial authorities that they will allow the creation of cryptocurrency-related securities. Earlier this year, U.S. stock market authorities authorized the first exchange-traded fund (ETF) associated with Bitcoin, a decision that was considered a fundamental stage for the cryptocurrency market.

The ETF is a fund that brings together securities associated with the Bitcoin universe, and whose results are therefore linked to the performance of this cryptocurrency. This allows investors to try to profit from the cryptocurrency without purchasing it directly.

The virtual currency broke a new record last Friday by exceeding the $70,000 barrier for the first time. In this article, we explain why the cryptocurrency asset is breaking all records.