The price of Bitcoin hit a new record level of $71,500 on Monday, increasing by 2.7% on a daily basis.
Closing last week at around $69,000, the biggest cryptocurrency hit the $71,000 level, and it is at around $71,550 as of 11.30 a.m. (GMT0830).
Bitcoin has been on an upward trend since mid-January, related to the US Securities and Exchange Commission’s decision to allow spot Bitcoin ETFs or exchange-traded funds.
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With this move, investors are able to trade Bitcoin without owning it.
Bitcoin’s market cap reached $1.4 trillion, according to coinmarketcap data, while its 24-hour transaction volume was at $47 billion as of GMT0830.