Bitcoin hits record above $71,000 as demand frenzy intensifies
– Bitcoin reached a record high above ,000 on Monday.
– Britain’s financial watchdog will now allow recognized investment exchanges to launch crypto-backed exchange-traded notes.
– Bitcoin’s price rose by as much as 4.8 percent to ,677 in European trading, with gains for the year at 70 percent.
– The surge in Bitcoin’s value is attributed to an influx of cash into new spot bitcoin exchange-traded funds and expectations of a Federal Reserve interest rate cut.
– Capital flows into the 10 largest U.S. spot bitcoin exchange-traded funds reached almost billion in the week to March 8.
– The supply of Bitcoin, limited to 21 million tokens, is expected to get tighter in April due to the halving event, which occurs every four years and reduces the rate of new supply and the reward for miners.
– The UK regulator stated that crypto exchange-traded notes (ETNs) would be available only for professional investors.
– Asset managers hold the largest bullish position in bitcoin futures on record, with a net long position worth .5 billion.
– Ether’s price rose 2.1 percent to around ,000, driven by speculation of U.S. approval for spot ether ETFs, with a 75 percent increase in price this year.