Bitcoin hits record above $71,000 as demand frenzy intensifies

by Amanda Cooper and Harry Robertson, Reuters

Bitcoin hit a record high on Monday above $71,000, as the surge in the biggest cryptocurrency showed no signs of slowing down.

Britain’s financial watchdog on Monday became the latest regulator to pave the way for digital asset trading products after saying on Monday it will now permit recognised investment exchanges to launch crypto-backed exchange-traded notes.

Bitcoin rose by as much as 4.8% to a record $71,677 in European trading, bringing gains for the year so far to 70%.

The world’s most valuable cryptocurrency has been boosted by a flood of cash into new spot bitcoin exchange-traded funds as well as hopes that the Federal Reserve will soon cut interest rates.

 

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