The value of the best-known cryptocurrency, Bitcoin, has reached a new high.

For the first time ever one Bitcoin bought $69,202, surpassing the previous high just below $69,000 recorded in November 2021.

It comes, as the previous high did, as a ‘halving’ event approaches, whereby Bitcoin production is cut by 50%.

A recent boost for the digital asset also came in January as a new product was launched that allows people to track the value of Bitcoin without owning it, something known as an exchange-traded fund (ETF).

The next halving occurs on 19 April.

The volatile cryptocurrency has crashed from the previous 2022 highs after a widespread sell off after interest in Bitcoin and trading grew during the COVID-19 pandemic and associated lockdowns.

Investors had pulled back from risky investments due to more expensive borrowing costs – due to central banks bringing up interest rates – and rising inflation. These conditions led to a fall in stock market values overall.

Bitcoin hits $60,000 – as all-time high nears

Ex-takeaway worker on trial after £1.4bn Bitcoin seized by police says ‘I was duped’

Bitcoin hits $50,000 level for first time since 2021

The UK financial regulator, the Financial Conduct Authority (FCA) has said nearly five million Britons have purchased cryptocurrencies – but in the year to April 2022, 45% of them suffered a loss.

But Bitcoin experienced a remarkable rally in recent weeks.

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