Bitcoin, the popular digital currency, recently soared to its highest value ever, shooting past $70,000 in a wild trading session. This surge comes amidst a growing craze for cryptocurrencies among investors.
The sudden rise in Bitcoin’s price was driven by a surge in demand for new U.S. exchange-traded crypto products and expectations that interest rates worldwide might go down.
Although it briefly hit $70,105 before dropping back, it’s currently trading at around $68,317.72. In recent weeks, more money has been flowing into ETFs (Exchange-Traded Funds), partly because of an upgrade to the Ethereum blockchain and an upcoming event in April called the bitcoin “halving.”
However, some experts are still cautious about investing in cryptocurrencies, warning that their value can be unpredictable. Just recently, Bitcoin’s price fell by 10% to below $60,000, reminding investors of the risks involved.
