For the first time ever, the value of Bitcoin exceeds $71,000.
The value of the cryptocurrency has risen by 70 percent so far this year.
The value of Bitcoin has risen sharply over the past week. Since Tuesday, the price has risen from $10,000 to $71,000. The value of other digital currencies such as ether has also increased.
Investors have poured nearly $10 billion into new bitcoin-based exchange-traded funds (ETFs) since they launched in the United States two months ago. This has led to a widespread rally in the cryptocurrency market, Bloomberg writes.
The SEC approval means that Bitcoin ETFs can be listed and traded on Wall Street, in the same way as stocks.
It was also reported on Monday that the London Stock Exchange will accept applications for listed funds based on Bitcoin and Ether, according to the news agency.
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Strong rise
Since the new year, the price of Bitcoin has risen sharply. Both $50,000 and $60,000 were surpassed in February. On Wednesday of last week, the currency fell to $69,000, a new record high.
Bloomberg wrote in late February that the upcoming decline in the supply of bitcoin, also known as the halving, contributed to the market rally.
In addition, the US Financial Supervision Commission (SEC) approved trading in a number of Bitcoin products at the beginning of the year. Therefore, Bitcoin ETFs can be listed and traded on Wall Street, in the same way as stocks.
Scandals
The cryptocurrency is known for its high volatility, and has been affected by a number of scandals.
At the end of November last year, the head of Binance, the world's largest cryptocurrency exchange, resigned after pleading guilty to violating US money laundering laws.
The previous year, cryptocurrency exchange FTX went bankrupt. Founder Sam Bankman Freed was later convicted of fraud. His defense attorney, Mark S., stated: Cohen told E24 that Bankman-Fried maintains his innocence and will continue to fight the charges.
This article was created using Anthropic's AI tools and is quality assured by E24 journalists.
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