Bitcoin, the leading cryptocurrency by market capitalization, has surpassed the $77,000 level for the first time.
Earlier this Friday, the top cryptocurrency hit a new record peak of $77,068, according to CoinGecko data. The bellwether coin keeps setting new record highs almost on a daily basis. It is already up by almost 12% over the past week.
The new lifetime peak comes after BlackRock's iShares Bitcoin Trust ETF (IBIT) logged more than $1.1 billion worth of fresh inflows on Thursday. This, of course, marked a new record for the red-hot product.
Tomiwabold OlajideThere are also persistent discussion about Bitcoin potentially becoming a treasury reserve asset in the U.S.
As reported by U.Today, CNBC analyst Tom Lee has suggested that Bitcoin could potentially offset the deficit.
In a recent social media post, MicroStrategy's Michael Saylor has predicted that nations will end up adopting Bitcoin as their treasury asset.
However, the much-talked-about proposal to create a strategic Bitcoin reserve in the US, which was put forward by Wyoming Senator Cynthia Lummis earlier this year, is likely to face significant legislative roadblocks.
"Apply proper risk management"
Former Binance CEO Changpang Zhao has also commented on Bitcoin's stunning rally, urging investors to apply proper risk management.
"There will be many dips (and highs) in the future. Make sure you can handle them. Control your greed. Don't put all your eggs in one basket. Ape slowly," he said.
The leading cryptocurrency is currently changing hands at $77,046.
Vladislav Sopov
U.Today Editorial Team
Dan Burgin