News
Bitcoin Surpasses US$70,000 Amid Market Optimism
The value of Bitcoin surpassed $70,000 on Monday to reach its highest level since March 16, according to CoinGecko data.
The price surge comes in the face of a record $942 million withdrawal from digital asset investment products the previous week, ending a seven-week streak of capital inflows.
Investment firm Bernstein responded to the bullish trend by raising its year-end forecast for Bitcoin to US$90,000, a sign of confidence in the future of the cryptocurrency and related mining stocks.
Monday’s market move follows the Swiss National Bank’s unexpected announcement of a rate cut last week and discussions by U.S. Federal Reserve policymakers about rate cuts.
Meanwhile, BlackRock’s introduction of BlackRock Institutional Digital Liquidity Fund (BUIDL)a tokenized fund on the Ethereum blockchain, was widely seen as a positive development for the crypto industry.
Bitcoin is now less than a month away from its planned halving date next month, when network rewards will be reduced from the current 6.25 BTC to 3.125 BTC per block.
The halving slows the inflow of Bitcoin, which some believe will contribute to its scarcity.
Some market observers maintain a high probability that Bitcoin will reach the US$100,000 mark within the year. British bank Chartered standard last year set a target of US$120,000 for the digital asset.