Investing.com - Bitcoin hit a new all-time high, surpassing $72,000, while Ethereum surged past $4,000, about 23% of its all-time high, on speculation surrounding potential Fed rate cuts.
The rally was supported by Fed Chairman J. Powellâs reassuring speech to Congress, boosting investorsâ appetite for risk. With no apparent concern over current market valuations, investors have been turning more than ever to risk assets such as cryptocurrencies. The move is also fueled by growing interest in Bitcoin ETFs and anticipation of the upcoming halving event.
Bitcoin also benefited from the announcement by the UK financial regulator that it is now open to proposals for crypto-based products. This announcement could help develop a new market segment and open up investment in cryptocurrencies to new categories of professionals.
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