The biggest cryptocurrency in the world by market value, Bitcoin, reached a record high on Sunday and was up about 2.7% at $125,245.57 at 0512 GMT. US President Donald Trump’s administration’s more lenient rules and robust institutional investor demand helped push Bitcoin to its previous high of $124,480 in mid-August.
Due to recent increases in US stocks and inflows into bitcoin exchange-traded funds, the cryptocurrency rose on Friday for the eighth consecutive session. However, the uncertainty surrounding a US government shutdown clouded the outlook and delayed key data releases, including payrolls, which are crucial for determining the direction of the economy. As a result, the US dollar declined on Friday, registering multi-week losses versus major currencies.
With the US House of Representatives approving three historic cryptocurrency laws in July, Trump’s support of digital assets has undone years of US government skepticism toward the crypto industry under his Democratic predecessor Joe Biden. Bitcoin’s value has skyrocketed as a result of these regulatory reforms.
Joshua Lim, co-head of markets at cryptocurrency prime brokerage business FalconX, was reported by Bloomberg News as saying, “It’s no surprise Bitcoin is benefiting from the dollar debasement narrative, given that many assets, including stocks, gold, and even collectibles like Pokemon cards, are hitting all-time highs.
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