At the end of the trading session on March 11 (US time), Bitcoin price increased to 72,717 USD, the highest ever.
Specifically, the price of Bitcoin reached an all-time high of $72,717. This breakout extended the record streak of last week when Bitcoin broke the peak of $68,991 recorded in November 2021.
Bitcoin prices have been rising as an event called Halving approaches, which will reduce the supply of Bitcoin, driving the cryptocurrency's price up. Halving is an event that cuts Bitcoin miners' rewards by 50% and occurs every four years. A Halving will take place next April.
Bitcoin’s new record was also helped by the UK Financial Conduct Authority announcing it would allow the issuance of securities related to the cryptocurrency. Earlier this year, the US government also gave the green light to Bitcoin exchange-traded funds, making it easier for mainstream investors to add the unit to their investment portfolios.
PEARL
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