BITCOIN HITS $60,000 AS 'FOMO' RALLY GATHERS PACE

Bitcoin surged to $60,000 on Wednesday, marking its highest level in over two years. This rally was fueled by a surge of capital into new U.S. spot bitcoin exchange-traded products, leading to a 42% price increase in February, the largest monthly gain since December 2020.
Bitcoin was up 6% at $60,131, reaching its highest level since November 2021. The cryptocurrency was also on track for its largest week-on-week gain in a year, rising by 18.5% since February 21. Investors have been flocking to Bitcoin ahead of the upcoming halving event in April, which is designed to reduce the rate of new Bitcoin issuance. Additionally, the anticipation of the Federal Reserve implementing a series of interest rate cuts this year has increased investor appetite for higher-yielding or more volatile assets like Bitcoin.
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