Key Takeaways
- Bitcoin surged above $71,000 on March 11.
- The rise in Bitcoin's price is tied to new spot Bitcoin ETFs in the US, boosting demand and affirming its status as a trusted investment.
- This peak comes before the Bitcoin halving event on April 20.
Bitcoin (BTC) reached a record-breaking high on March 11, surging above $71,000 for the first time in its history.
The cryptocurrency's leap to new heights came just a few days after it hit the $69,000 mark.
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The increase can be linked to the launch of new spot Bitcoin exchange-traded funds (ETFs) in the United States. These ETFs have ensured a consistent demand for Bitcoin, strengthening its reputation as a dependable store of value.
This milestone was reached before the highly anticipated Bitcoin halving event set for April 20.
Meanwhile, Ether (ETH), its closest rival, has recently surpassed the $4,000 benchmark for the first time since December 2021.
This surge in value not only highlights the cryptocurrency's robust performance but also signals a broader acceptance and recognition of digital currencies in the global financial landscape.
In other Bitcoin-related news, BlackRock launched a new Bitcoin BDR ETF in Brazil earlier this month.
