Bitcoin hits new record high, surges beyond $70,000

Bitcoin at record high: Bitcoin achieved a new record high, surpassing $70,000 in a tumultuous trading session, propelled by growing investor interest in new U.S. spot exchange-traded crypto products and expectations of a global decline in interest rates.

The recent approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission has been a pivotal moment for the crypto industry, attracting billions of dollars into ETFs in the recent weeks.

Institutional investors, once cautious due to crypto's volatility, are now entering the market, contributing to the ongoing rally. However, the speculative nature of these assets was evident as bitcoin experienced a sharp reversal, dropping over 10 per cent below the $60,000 level shortly after reaching the record high.

With Reuters Inputs