For the first time, Bitcoin, the top cryptocurrency by market capitalisation, has crossed over the $77,000 threshold.
According to CoinGecko statistics, the leading cryptocurrency reached a new record high of $77,068 earlier this Friday. Almost every day, the bellwether currency continues to reach new highs. It has already increased by about 12% in the last week.
Following more than $1.1 billion in new inflows into BlackRock’s iShares Bitcoin Trust ETF (IBIT) on Thursday, the new lifetime peak was reached. Naturally, this set a new record for the hot product.
The possibility of Bitcoin becoming a treasury reserve asset in the United States is another topic of continuous discussion.
According to U.Today, Tom Lee, a CNBC expert, has proposed that Bitcoin could be able to make up the difference.
Michael Saylor of MicroStrategy recently made a prediction on social media that countries will eventually use Bitcoin as their treasury asset.
However, Wyoming Senator Cynthia Lummis’s much-discussed plan to establish a strategic Bitcoin reserve in the US early this year is probably going to encounter major legislative obstacles.
“Apply proper risk management”
In his remarks on Bitcoin’s incredible surge, former Binance CEO Changpang Zhao advised investors to exercise appropriate risk management.
“The future will be filled with many highs and lows. Verify your ability to manage them. Refrain from becoming greedy. Avoid taking on too much at once. “Slowly ape,” he said.
Right now, the top cryptocurrency is trading for $77,046.
