BITCOIN -RECORD HIGH- BRIGHTS : PRECIS

 

New York : Bitcoin briefly rises to $70,000 : Bitcoin briefly rallied to a record high on Friday in volatile trading, as crypto mania continued to sweep through the investment community.

The leading cryptocurrency topped the $70,000 mark for the first time, boosted by investor demand for new US spot exchange-traded crypto products and expectations for global interest rates to fall.

It rose as high as $70,105 before quickly dropping, and was last trading at $68,317.72.

Billions of dollars have flowed into ETFs in the past few weeks, and the market is getting extra support from an outlook that includes an upgrade to the ethereum blockchain platform, home to the second-largest cryptocurrency ether, and a bitcoin '' halving '' event, which slows the flow of bitcoin minting, in April. [ Reuters ].