Bitcoin stabilises after reaching record high

Cryptocurrency Bitcoin has stabilised after touching a record high on Tuesday, before plummeting soon after. The record high was fueled by investors pouring money into US spot exchange-traded crypto products and the prospect that global interest rates may fall.

The world's largest cryptocurrency hit a high of $69,202 (AED 254,172) topping November 2021's all-time peak of $68,999.99 (AED 253,430).

Investor interest has increased since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January. It then reversed course and was recently down around 7 per cent at $63,400 (AED 232,861).