Bitcoin Hits Fresh Record above $71,000

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.

Almost a week ago, Bitcoin hit a record high above $69,000 and was buoyed by the world’s biggest cryptocurrency becoming more accessible for trading amid tightening supplies.

The unit hit a new peak of $71,432 in Asian business meaning it has advanced almost 70 per cent 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 U.S. 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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