Bitcoin reaches a new peak of $70,000

Bitcoin reaches a new peak of $70,000

Bitcoin surged to a record-breaking level this afternoon, surpassing $70,000, as investors gain more confidence in potential interest rate reductions by the US Federal Reserve.

Over the past year, the cryptocurrency has experienced a remarkable 215% increase, partly due to investors anticipating that the US authorities would enhance its attractiveness by facilitating the purchase of the currency for retail investors.

In January, the Securities and Exchange Commission (SEC) granted permission for the trading of several Bitcoin exchange-traded funds (ETFs). This development allowed prominent fund providers in the US, such as BlackRock and Fidelity, to offer Bitcoin-related funds to investors.

In recent weeks, billions of dollars have poured into ETFs.

Nevertheless, despite this progress, the chairman of the SEC, Gary Gensler, issued a cautionary statement, stating, “Bitcoin is primarily a speculative and volatile asset that is also utilized for illicit activities, including ransomware, money laundering, sanction evasion, and terrorist financing.”