Cryptocurrency: Bitcoin rises to its highest level since the beginning of April

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Cryptocurrency
Bitcoin is rising to its highest level since the beginning of April

With the increase, Bitcoin is approaching its previous record level of around $73,800. photo

© Fernando Gutierrez-Juarez/dpa

Bitcoin is soaring: The digital currency is climbing to its highest level since April. The second most important digital currency, Ether, rose even more strongly.

The Bitcoin rose to its highest level since early April in early trading. At its peak, the most important digital currency climbed to almost $72,000. In the morning, Bitcoin fell back a bit and finally cost $70,970. That night it was still trading at under $70,000, having briefly risen above the round mark in late trading on Monday.

With the increase, Bitcoin is approaching its previous record level of around $73,800. “Speculation surrounding the approval of an Ether spot ETF by the US Securities and Exchange Commission is driving prices up,” commented analyst Timo Emden.

The second most important digital currency, Ether, rose even faster than Bitcoin. The Ether price rose to $3,720. On Monday it was only around $3,100. However, Emden also sees potential for disappointment here, as ETF approval is by no means certain.

In addition, according to Emden, Bitcoin and Ether are supported by the expectation of interest rate cuts from the major central banks. A less restrictive monetary policy would increase the attractiveness of cryptocurrencies compared to fixed income investments. “A new record high is in the air,” writes Emden.

dpa

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