On Friday, Bitcoin reached a new historic high, surpassing $70,000, driven by the growing risk appetite of investors who seem to overlook the scandals, bankruptcies, and colossal losses of recent years.

Bitcoin soared to $70,085.85, a new peak since its creation, before experiencing a slight decline. The leading cryptocurrency exceeded its previous record earlier in the week and appears poised to continue its ascent. In 2024 alone, the Bitcoin price has surged by approximately 60%.

The "dollar's downward movement" following the release of the US February employment report on Friday has boosted the Bitcoin price. It benefits from increasing speculation about an anticipated rate cut by the US Federal Reserve (Fed), explains James Harte, an analyst at TickMill.

As the dollar becomes less lucrative, investors are encouraged to invest in products with higher potential returns. This results in "a significant increase in risk appetite and a marked shift towards high-yield assets, such as cryptocurrencies," adds Mr. Harte.


With AFP