Bitcoin continues its crazy race: its value reaches a new record at more than $70,000

2024-03-11 14:25:43

Continuing its crazy ride, bitcoin reached a new record on Monday at more than $72,000, demand for this cryptocurrency having jumped thanks to the prospects of lower interest rates in the United States in the coming months. The price of bitcoin rose to $72,385 early this afternoon in London.

The digital currency had already hit several records last week, crushing that of November 2021 at $68,991. The new peak on Monday comes “against a context of weakening of the US dollar following a mixed set of employment data in the United States on Friday”, notes James Harte, analyst at Tickmill. The unemployment rate in the United States thus rose in February to 3.9%, its highest level since January 2022.

Strengthening expectations of US rate cuts are weakening the greenback as well as yields on US Treasury bonds, competing assets, making bitcoin more attractive in comparison for investors, notes Neil Wilson, analyst at Finalto.

The price of bitcoin has jumped nearly 70% since the start of the year, a spectacular rise after the collapse of prices following the collapse of several giants in the sector at the end of 2022.