The value of Bitcoin has risen more than 50% since the beginning of this year (Shutterstock)
Bitcoin rose to an unprecedented level for a short period today, Friday, in volatile trading, coinciding with the continued surge in demand for cryptocurrencies in the investment community.
This digital currency exceeded the level of $70,000 for the first time, supported by investor demand for new encrypted products that can be traded in US spot markets, and expectations of a decline in global interest rates.
Bitcoin rose to 70,105 dollars before returning to a rapid decline, recording 68,317.72 dollars in the latest transactions.
This currency has risen in market value by more than 50% this year following increased inflows to US-listed Bitcoin funds, which were launched earlier this year.
Gold continues to shine
In the metals market, gold prices rose to unprecedented levels for the fourth session in a row today, Friday, amid growing expectations about lowering interest rates next June.
Spot gold prices rose 0.7% to $2,175.6 per ounce by 16:26 GMT, while US gold futures contracts increased 0.8% to $2,182.8.
The precious metal has risen more than 5% so far this week.
“I think the huge demand (the gold market saw)...was purely speculative,” said Michael Widmer, head of metals research at Bank of America.
Low interest rates enhance the attractiveness of the precious metal, which does not generate returns.
Source: Reuters + websites