The price of cryptocurrency soared more than 60 per cent this year since regulators approved its place in exchange traded funds hit $69, 200 yesterday. The price of Gold also surged to a record high driven by growing expecations of US interest rate cuts, investors hunting for haven assets and month sof prodigious buying by central banks and Chinese investors.

The digital coin was dismissed by sceptics as a burst bubble that would not recover following the collpase of high profile crypto companies such as FTX. Spot Bitcoin ETFs issued by Wall Street stalwarts like Fidelity and Blackrock have spearheaded the cryptocurrency revival.

More than $7.5 bn worth of cpaital has flowed into bitcoin ETF’s sicne their first day of trading on January 11 according to CoinShares.