Bitcoin hits new record high, crosses $71,000-mark for first time

Bitcoin hits record high: Bitcoin soared to a fresh all-time high surpassing $71,000 on Monday, reflecting the relentless momentum of the leading cryptocurrency. 

The surge underscores the ongoing bullish sentiment surrounding Bitcoin, with its value showing no signs of deceleration. Early European trading saw Bitcoin reaching $70,488.50, according to data from LSEG. 

The cryptocurrency's surge has been fueled by substantial investments in new spot bitcoin exchange-traded funds, along with optimism regarding potential interest rate cuts by the Federal Reserve. 

Blackrock’s Bitcoin ETF—IBIT—has set a new US record by reaching $10 billion in AUM faster than any other ETF in the US ETF history.

In the short term, we could also see Ethereum, the second largest cryptocurrency by market capitalisation break the $4000 resistance level as the Dencun upgrade, which is expected to decrease fees on the Layer-2 blockchains, is less than 2 days away.

(With Reuters inputs)