LONDON: As cryptocurrency euphoria spread throughout the finance community, Bitcoin momentarily surged to a record high on Friday in erratic trading.
Expectations of falling global interest rates and investor demand for new US spot exchange-traded cryptocurrency products helped the top cryptocurrency break the $70,000 barrier for the first time.
Prior to a sharp decline, it reached as high as $70,105. It was last trading at $68,317.72.
Exchange-traded funds (ETFs) have seen a billion-dollar inflow in recent weeks, and the market is receiving further support from an outlook that includes an upgrade to the Ethereum blockchain platform, which is home to the second-largest cryptocurrency, ether, and a bitcoin “halving” event in April that will slow down the rate at which bitcoin is being mined.
