The price of bitcoin (BTC) has risen above $71,000, a new all-time high, according to information from CoinMarketCap.
As of 11:30 am Nigerian time, the digital currency traded at $71,774.50.
Digital currency are volatile assets which rises and falls based on demand and supply in the Blockchain system and has such experienced a lot of high and low moments in the crypto-exchange market. The rise of bitcoin this time, can be attributed to a large influx of investment in the bitcoin market.
The United States of America has recently approved a new class of investment known as ETFs- Exchange Traded Funds, this class of investment allows big investment companies such as Fidelity and Gray-scale to invest directly in financial assets such as bitcoin and stocks through their brokerage without having to go through a crypto-exchange. The purchase of bitcoin ETFs have caused a large influx of cash into the bitcoins market causing it to rise based on demand.
This news is a source of joy to many crypto traders who had earlier on invested in bitcoin, it also makes the purchase of bitcoin at this time to be a good investment choice, considering the digital coin has a high tendency of continuous rise due to high level of demand, However, as mentioned earlier, digital assets are volatile asset with high level of risks.
As such, anybody seeking to invest in them must be ready to bear loss and is advised to seek professional guidance.
