Bitcoin (BTC) crossed $71,000 for the first time ever during the Asian trading hours on Monday.
The leading cryptocurrency has been steadily rising since the approval of the spot bitcoin exchange-traded funds in the U.S. The token crossed $70,000 for the first time ever last week.
The rally has lifted the annualized three-month futures premium on major exchanges, including Binance, to above 25%. The elevated premium could attract cash and carry traders, boosting overall market liquidity.
UPDATE (March 11, 07:45 UTC): Updates headline and lede, adds details.