Bitcoin at a record high – level 2

08-03-2024 15:00

Bitcoin reached a new high before it dropped sharply due to increased investments in US crypto products and expectations of global interest rate cuts.

The cryptocurrency hit 69,202 dollars and surpassed its peak in November 2021. Investor interest increased rapidly after the Securities and Exchange Commission approved 11 spot bitcoin ETFs. Bitcoin’s recent increase contrasts sharply with the crypto winter of 2022. Flows into US spot bitcoin funds reached 2.2 billion dollars.

The positive mood on the financial market and expectations of a US interest rate cut also contributed to the increase.

Difficult words: expectation (a strong belief that something will happen), peak (the highest point), rapidly (very quickly).

You can watch the original video in the Level 3 section.

What factors do you think contributed to the recent surge in Bitcoin's value and overall positive sentiment towards cryptocurrency in the financial market?


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