The value of the best-known cryptocurrency, Bitcoin, has reached a new high.
For the first time ever one Bitcoin bought $69,202, surpassing the previous high just below $69,000 recorded in November 2021.
It comes, as the previous high did, as a ‘halving’ event approaches, whereby Bitcoin production is cut by 50%.
A recent boost for the digital asset also came in January as a new product was launched that allows people to track the value of Bitcoin without owning it, something known as an exchange-traded fund (ETF).
The next halving occurs on 19 April.
The volatile cryptocurrency has crashed from the previous 2022 highs after a widespread sell off after interest in Bitcoin and trading grew during the COVID-19 pandemic and associated lockdowns.
Investors had pulled back from risky investments due to more expensive borrowing costs – due to central banks bringing up interest rates – and rising inflation. These conditions led to a fall in stock market values overall.
The UK financial regulator, the Financial Conduct Authority (FCA) has said nearly five million Britons have purchased cryptocurrencies – but in the year to April 2022, 45% of them suffered a loss.
But Bitcoin experienced a remarkable rally in recent weeks.
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