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Bitcoin hits new record high again after regulator give boost

  • March 15, 2024
  • 2 min read
Bitcoin hits new record high again after regulator give boost

The value of bitcoin has once again hit a new high only days after the previous record was broken. One bitcoin could buy $72,219 (£56,303) on Monday the 11th March. The price over the last month alone has grown 51%  ahead of the so-called ‘halving’ event when bitcoin production falls from 900 a day to 450 on the 19th of April.

Regulators have given bitcoin a big help and this may have helped its value rise. The UK financial watchdog, the Financial Conduct Authority (FCA), became the latest regulator to pave the way for more people to invest in as well as keep track of the value of bitcoin. This comes after American regulator, the Security and Exchange Commission, moves to allow funds holding bitcoin to be traded on the US stock markets.

The FCA on the other hand has maintained caution around cryptocurrencies. This is because they are largely unregulated and can be very volatile. Research from the regulator has said that nearly five million people in the UK had purchased cryptocurrencies but in the year to April 2022, nearly half of them had suffered a loss.

Crypto assets were “high risk and largely unregulated,” the FCA said, despite the watchdog introducing a 24-hour cooling-off period for first-time buyers along with a ban on “refer a friend” bonuses. It also began to crackdown on advertising cryptocurrencies.

Before March, 2024, the highest value for bitcoin was recorded in November 2021 after an earlier halving. During the pandemic, crypto saw a boost in both trading and enthusiasm. This was followed by a widespread selling off and that resulted in a drop in value.

The resurgence in bitcoin can also be linked with wider economic trends. US stock markets have been performing well and analysts expect interest rates to begin to drop as inflation comes down.

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