Advertisement

Updated March 11th, 2024 at 13:08 IST

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

The Bitcoin surge underscores the ongoing bullish sentiment surrounding Bitcoin, with its value showing no signs of deceleration.

Reported by: Business Desk
Bitcoin
Bitcoin | Image:DALL-E 3
Advertisement

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. 

Advertisement

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.

Advertisement

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)

Advertisement

Published March 11th, 2024 at 13:02 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement

Trending Quicks

Rameshwaram Cafe
13 minutes ago
DC vs LSG
13 minutes ago
Brushing
19 minutes ago
Congress leader Rahul Gandhi
23 minutes ago
Mrunal Thakur
27 minutes ago
LSG vs DC
29 minutes ago
Skincare
30 minutes ago
Tulsi
31 minutes ago
Joram
33 minutes ago
Advertisement
Advertisement
Advertisement
Whatsapp logo