Bitcoin Temporarily Surges to All-Time High – Business News

LONDON: In a whirlwind of trading activity, Bitcoin soared to an unprecedented pinnacle on Friday, evidence that the frenzy over cryptocurrencies persists within the investment sphere.

This preeminent digital currency surged past the $70,000 threshold for its maiden voyage, propelled by the market’s appetite for novel US-based spot exchange-traded cryptocurrency instruments and the anticipation of a downturn in global interest rates.

The apex of Bitcoin’s surge saw it reach $70,105, although it subsequently retracted somewhat, stabilizing at approximately $68,317.72.

The recent weeks have witnessed a windfall of investments into exchange-traded funds (ETFs), bolstering the market further in a landscape that’s anticipating both an enhanced upgrade to the ethereum blockchain—a platform pivotal to the second most significant cryptocurrency, ether—and an imminent ‘halving’ event in the Bitcoin network that is expected to curtail the creation of new bitcoins come April.

Appeared in Dawn, March 9th, 2024