Bitcoin pushes past $70,000 in fresh surge for the cryptocurrency

Bitcoin breaks the $70,000 barrier in a remarkable surge, reaching as high as $71,837 with no apparent fundamental catalyst.

[{"selector":"#anim-c50ec31e-0656-43c8-81d2-5e46e071fdeb","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8cdce9fb-9723-4bef-81b1-c1a6d1afbf31","keyframes":{"transform":["translate3d(-106.84931%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Crypto investors attribute the rally to SEC's approval of bitcoin-based ETFs and anticipation of the halving event, where bitcoin mining rewards are halved every four years.

[{"selector":"#anim-296cbcdd-4426-4e04-a9db-06331c5f57de","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-208a479a-5c6f-412e-b699-b46653c0cd71","keyframes":{"transform":["translate3d(-106.84931%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] In the past 52 weeks, bitcoin gained 246%, trailing behind Nvidia stock's impressive 281% surge.

[{"selector":"#anim-67856310-6bc5-4e33-be87-a42f407caa45","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1e0e8333-da79-40e7-9dc6-2793751b256d","keyframes":{"transform":["translate3d(-106.30137%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Bitcoin's value lacks an underlying pool of profits or income, setting it apart from traditional assets.

[{"selector":"#anim-853460cd-a047-48e3-b6c3-cac6b3e18021","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ced45316-e822-4f5f-9d37-d0faefec6b91","keyframes":{"transform":["translate3d(-106.57534%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Bill Ackman, CEO of Pershing Square, reflects on the energy-intensive nature of bitcoin mining, speculating on its impact on inflation and the dollar's decline, humorously considering buying some bitcoin himself.

[{"selector":"#anim-172c75f9-c9b1-4d81-a1a2-fa5518e15470","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-61d7320b-e1b0-4890-b177-d70178d1a5ad","keyframes":{"transform":["translate3d(-106.30137%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] The latest Bitcoin surge coincides with a lack of significant news, raising questions about the sustainability of its rapid ascent.

[{"selector":"#anim-a6f7f55b-4240-4533-94f2-3984fb41a70d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4fe581d5-9394-4609-b7df-085a586dc4a1","keyframes":{"transform":["translate3d(-106.30137%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Investors closely watch key U.S. inflation data and the SEC's evolving stance on cryptocurrency-related products as potential market influencers.

[{"selector":"#anim-f4f7d32a-8438-437d-ad87-090a127f4b2c","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9722d11c-435d-42ce-8fc2-4e3957f1da9f","keyframes":{"transform":["translate3d(-106.57534%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] As Bitcoin continues its rally, discussions about its environmental impact and energy consumption become more prominent, prompting influential figures like Bill Ackman to contemplate involvement in the cryptocurrency space.