Bitcoin Surges to All-Time High of $71,000

Key Takeaways

  • Bitcoin reaches record high of $71,000.
  • Surge linked to approval of first Bitcoin ETFs in US.
  • Upcoming Bitcoin halving might also affect the prices.

Bitcoin (BTC) soared to a record-breaking $71,000 during trading hours in Asia on March 11.

This surge in the premier digital currency’s value follows the approval of the first spot Bitcoin exchange-traded funds (ETFs) in the United States.

Bitcoin price reaches all-time high
Bitcoin price reaches 71k | Source: CoinMarketCap

In just the last month, Bitcoin has witnessed a 50% increase in its price. It pushed its market cap beyond the $1.34 trillion mark. This upward trajectory in Bitcoin’s value is largely attributed to the substantial investments flowing into U.S.-based ETFs that directly invest in Bitcoin.

Recent reports highlight that the trading volume for spot Bitcoin ETFs has surpassed the $100 billion mark.

Moreover, the anticipated Bitcoin halving event in April is also driving optimism. It will reduce the reward for mining new Bitcoin blocks to 3.125 BTC, effectively cutting the current mining reward in half.

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