Bitcoin briefly rises to record high over $70,000

FILE PHOTO: Representation of bitcoin cryptocurrency is seen in this illustration taken January 11, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Bitcoin briefly rallied to a record high on Friday in volatile trading, as crypto mania continued to sweep through the investment community.

The leading cryptocurrency topped the $70,000 mark for the first time, boosted by investor demand for new U.S. spot exchange-traded crypto products and expectations for global interest rates to fall.