Bitcoin breaks US$70,000 amidst market optimism

Bitcoin breaks US$70,000 amidst market optimism

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Bitcoin's value surpassed $70,000 on Monday to hit its highest point since March 16, according to data from CoinGecko.

The price surge comes amid a record $942 million withdrawal from digital asset investment products in the previous week, breaking a seven-week streak of capital inflows.

Investment firm Bernstein has responded to the bullish trend by raising its year-end forecast for Bitcoin to $90,000, indicating confidence in the future of the cryptocurrency and associated mining stocks.

Monday's market move followed the Swiss National Bank's unexpected rate cut announcement last week and U.S. Federal Reserve policymakers' discussions about rate cuts.

Meanwhile, BlackRock's introduction of BlackRock Institutional Digital Liquidity Fund (BUIDL)a tokenized fund on the Ethereum blockchain, has been widely perceived as a positive development for the crypto industry.

Bitcoin is now less than a month away from its planned halving date next month, when network rewards will be reduced from the current 6.25 BTC to 3.125 BTC per block.

The halving slows down the incoming supply of Bitcoin, which some believe will contribute to its scarcity.

Some market observers maintain a high probability that Bitcoin will reach the $100,000 milestone within the year. uk bank Chartered Standard Last year it set a target of $120,000 for the digital asset.

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