The price of Bitcoin hit a new record level of $71,500 on Monday, increasing by 2.7% daily.

Axar.az reports that closing last week at around $69,000, the biggest cryptocurrency hit the $71,000 level, and it is at around $71,550 as of 11.30 a.m. (GMT0830).

Bitcoin has been on an upward trend since mid-January, related to the US Securities and Exchange Commission's decision to allow spot Bitcoin ETFs or exchange-traded funds.

With this move, investors can trade Bitcoin without owning it.

Bitcoin's market cap reached $1.4 trillion, according to coin market cap data, while its 24-hour transaction volume was at $47 billion as of GMT0830.