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Bitcoin hits new-record high, beats $70,000 mark

By:
on Mar 8, 2024
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  • This milestone shows a staggering 215% increase in Bitcoin's value over the last year.
  • The surge is fuelled by SEC's approval of Bitcoin ETF.
  • t Bitcoin remains a highly speculative and volatile asset, says SEC chair.

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Bitcoin’s value eclipsed the $70,000 mark this afternoon, setting a new all-time high as investor confidence grows in anticipation of potential interest rate reductions by the US Federal Reserve.

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This milestone shows a staggering 215% increase in Bitcoin’s value over the last year, fuelled by expectations that US regulatory adjustments would broaden its accessibility to retail investors.

SEC approval proves to be gamechanger

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A pivotal moment for Bitcoin and its investors came in January when the Securities and Exchange Commission (SEC) approved the trading of several Bitcoin exchange-traded funds (ETFs).

This significant development enabled leading US fund providers, such as BlackRock and Fidelity, to offer Bitcoin-related investment funds, marking a monumental step forward in integrating cryptocurrencies into mainstream financial services.

The authorization of Bitcoin ETFs has catalyzed a massive influx of capital into these funds, with billions of dollars invested in recent weeks alone.

This surge in investment highlights the growing acceptance of Bitcoin as a legitimate asset class among institutional and retail investors alike.

SEC chair Gary Gensler issues caution

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Despite this positive momentum, SEC Chairman Gary Gensler has issued a cautionary statement, reminding investors that Bitcoin remains a highly speculative and volatile asset.

Gensler highlighted concerns over Bitcoin’s use in illicit activities, including ransomware attacks, money laundering, sanction evasion, and terrorist financing, underscoring the need for investors to exercise caution and due diligence in their investment decisions.

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