Bitcoin Price Hit New Record High Above $71,000

Bitcoin price hit a new record high of above $71,000 on Monday. The biggest cryptocurrency hit a fresh high of $71,263.78, as per data on CoinDesk.

The jump in Bitcoin price lifted the token’s market capitalization to $1.40 trillion. In the year 2024 so far, Bitcoin prices have rallied more than 67%.

The cryptocurrency prices have been boosted by a flood of cash into new spot bitcoin exchange-traded funds (ETF) as well as hopes that the US Federal Reserve will soon cut interest rates.

Bitcoin price movements have been influenced by several factors, including institutional adoption, macroeconomic trends, regulatory developments, and investor sentiment. Moreover, the recent remark by Fed Chair Jerome Powell reaffirmed the interest rate cut later this year through a careful approach.

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