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LONDON: Bitcoin experienced a brief surge to a new all-time high on Friday amidst volatile trading, as enthusiasm for cryptocurrencies continued to grip the investment community.

The leading digital currency surpassed the $70,000 milestone for the first time, driven by increasing investor interest in new US spot exchange-traded crypto products and expectations of a global decrease in interest rates.

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It reached a peak of $70,105 before swiftly retracing, eventually settling at $68,317.72.

In recent weeks, billions of dollars have poured into exchange-traded funds (ETFs), further bolstering the market. Additionally, positive developments such as an upgrade to the Ethereum blockchain platform, which hosts the second-largest cryptocurrency Ether, and an upcoming Bitcoin “halving” event scheduled for April—slowing the rate of Bitcoin production—have provided additional support for the market.

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