The price of bitcoin (BTC) has risen above $71,000, a new all-time high, according to information from CoinMarketCap.
As of 11:30 am Nigerian time, the digital currency traded at $71,774.50. Its price rise has been attributed to the debut of bitcoin ETFs.
Recently, the United States Securities and Exchange Commission approved 11 spot bitcoin exchange-traded funds, allowing investors to purchase bitcoin ETFs through their brokerage accounts and gain exposure to the cryptocurrency without buying and storing it themselves or through a crypto exchange.
The optimism that the Federal Reserve will cut interest rates this year is also driving the increase according to reports. The rise in the price of the digital token has also helped increase the price of other virtual coins.
BTC’s market capitalisation has surged to $1.41 trillion, and it currently has a circulating supply of 19,651,181 BTC.
Cryptocurrencies like Bitcoin, Ethereum, and more provide a means for individuals to send and receive remittances with reduced fees compared to traditional remittance services.
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