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Bitcoin Surges to New Record Above $71,000

Yusuf Abubakar
By Yusuf Abubakar
Published: March 11, 2024
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Bitcoin hit a fresh record above $71,000 on Monday as demand for the cryptocurrency picks up amid optimism that the Federal Reserve will cut interest rates this year.

The unit hit a peak of $71,432 in afternoon Asian business, according to Bloomberg data, meaning it has advanced almost 70 percent this year.

The rally was helped by news that Britain’s Financial Conduct Authority had said it would allow the creation of crypto-related securities.

That comes after US authorities gave the green light this year to exchange-traded funds pegged to bitcoin’s spot price, persuading some mainstream investors to take the plunge by adding the unit to their portfolio.

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ByYusuf Abubakar
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Yusuf Abubakar, Born in the mid-’90s, a recipient of various meritorious awards, a passionate entrepreneur, an advocate of good governance, a toast master and a patriotic Nigerian.
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