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.
Bitcoin experienced a remarkable rally in recent weeks.
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.
Bitcoin hits $60,000 – as all-time high nears
Ex-takeaway worker on trial after £1.4bn Bitcoin seized by police says ‘I was duped’
Bitcoin hits $50,000 level for first time since 2021
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.
It described crypto assets as “high risk and largely unregulated” despite its introduction of a 24-hour cooling off period for first time buyers, banned “refer a friend” bonuses and clamped down on advertising rules.
Be the first to get Breaking News
Install the Sky News app for free
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.
