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JUST IN: Bitcoin hits fresh record above $71,000

Bitcoin soared to a new all-time high above $71,000 on Monday, fueled by growing demand for the cryptocurrency and optimism surrounding potential interest rate cuts by the Federal Reserve later this year.

According to data from Bloomberg, Bitcoin reached a peak of $71,432 during afternoon trading in Asia, marking a staggering 70 percent increase in value since the beginning of the year.

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