Bitcoin has hit a new record high of more than $71,000 as demand for the cryptocurrency increased amid optimism that the Federal Reserve will cut interest rates this year, AFP reports.
The unit hit a high of $71,432 in the afternoon Asian business, according to Bloomberg data, meaning it has advanced almost 70 percent this year.
That new high was helped by news that the U.K.'s Financial Conduct Authority said it would allow the creation of cryptocurrency-linked securities.
This comes after U.S. authorities this year gave the green light to exchange-traded funds tied to bitcoin's spot price, convincing some mainstream investors to take the plunge by adding the unit to their portfolio. / BGNES
