At 0512 GMT on Sunday, Bitcoin, the largest cryptocurrency in the world by market value, reached a record high and was up about 2.7% at $125,245.57. In mid-August, Bitcoin reached a record high of $124,480, driven by strong institutional investor demand and more lenient regulations from the US President Donald Trump’s administration.
Supported by recent increases in US stocks and inflows into bitcoin exchange-traded funds, the cryptocurrency rose on Friday for the eighth consecutive day. However, as the uncertainty surrounding a US government shutdown obscured the outlook and delayed essential data releases, including payrolls, which are crucial for determining the direction of the economy, the US dollar declined on Friday, suffering multi-week losses versus major currencies.
The United States House of Representatives passed three historic cryptocurrency measures in July, reversing years of government scepticism toward the crypto industry under Democratic predecessor Joe Biden. The value of bitcoin has skyrocketed as a result of these regulatory reforms.
According to Bloomberg News, Joshua Lim, co-head of markets at cryptocurrency prime brokerage firm FalconX, stated, “It’s no surprise Bitcoin is benefiting from the dollar debasement narrative, given that many assets, including equities, gold, and even collectables like Pokémon cards, are hitting all-time highs.
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