Bitcoin surges over $7K, hits new record high

WASHINGTON: Bitcoin experienced significant fluctuations on Monday, opening with volatility in the first two hours of trading.

After closing the previous trading day at $101,259.70, Bitcoin slipped into the red from 00:12 UTC to 02:21 UTC, hitting a low of $99,728.97 around 1:01 UTC, marking a notable drop of $1,530.73 from its previous close.

However, Bitcoin rebounded swiftly, climbing to $102,784.50 by 06:37 UTC, a gain of $1,524.80. This upward momentum accelerated, and within seconds, the cryptocurrency surged further to $105,132.10 by 6:47 UTC, up by $3,872.40.

The rally continued, with Bitcoin reaching a record peak of $108,961.80 at 7:06 UTC, reflecting an impressive increase of $7,702.10 from its earlier low.

Other cryptocurrencies followed suit, with Ether (ETH) rising 6.13 per cent to $3,410, Litecoin (LTC) up 5.16 per cent to $121.58, Dogecoin gaining 5.21 per cent to $0.3775, and Binance Coin (BNB) increasing 2.86 per cent to $702.70.

By 7:21 UTC, Bitcoin maintained its gains, hovering 6.73 per cent higher at $108,075, reflecting an increase of $6,816 from its previous levels, successfully staying above the $108,000 mark.

For those unaware, Bitcoin’s price in Pakistani currency currently stands at Rs30,149,777.59.

This heightened volatility and new record come just hours ahead of Donald Trump’s inauguration, scheduled for later today. With his promises to the industry, further fluctuations are anticipated.

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