At the close of trading on March 11 (US time), the price of Bitcoin rose to $72,717, its highest level ever.
Specifically, the price of Bitcoin reached $72,717, an unprecedented high. This breakout extended last week's record streak, when Bitcoin surpassed the peak of $68,991 recorded in November 2021.
The price of Bitcoin is continuously rising amidst the upcoming Halving event, which reduces the supply of Bitcoin, fueling the cryptocurrency's upward trend. Halving is the event that cuts Bitcoin miners' rewards by 50% and occurs every four years. A Halving event will take place this coming April.
Bitcoin's record high is partly due to the UK Financial Conduct Authority's announcement that it will allow the issuance of cryptocurrency-related securities. Earlier this year, the US government also gave the green light to Bitcoin Exchange Traded Funds, making it easier for mainstream investors to add this unit to their portfolios.
MINH CHAU
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