Cryptocurrency Price on March 11: Bitcoin surges to new all-time high, crosses $71,000 mark for the first time
In the last 24 hours, Bitcoin jumped to an intraday peak of $71,030 in volatile trading. It was last 2.4% higher at $70,900 at 1:07 pm IST.
Bitcoin has gained nearly 70% this year and most of the rise has come in the last few weeks, boosted by a flood of cash into new spot Bitcoin exchange-traded funds as well as hopes that the Federal Reserve will soon cut interest rates.
The approval of 11 spot bitcoin ETFs by the US Securities and Exchange Commission in late January marked a watershed moment for the industry, following an 18-month-long crypto winter plagued by a string of high-profile corporate bankruptcies and scandals.
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View Details»Net flows into the 10 largest US spot Bitcoin funds reached $2.2 billion in the week ended March 1, with more than $2 billion of that going into BlackRock's iShares Bitcoin Trust, according to LSEG data.
Meanwhile, other major crypto tokens such as BNB, Chainlink, and Polygon rose up to 6%. On the other hand, Solana, XRP, Cardano, Shiba Inu, and Tron declined.
«The positive momentum in the market is attributed
