The price if Bitcoin, the world’s largest cryptocurrency, surged past $125,000 for a new record in its 17-year history on Sunday.
Bitcoin reached $125,245.57 on Sunday, up nearly 2.7 percent. Its previous high was $124,480 seen in mid‑August.
Joshua Lim, co-head of markets at crypto prime brokerage firm FalconX, said the weakness of the dollar has made cryptocurrency and other forms of investment like gold more attractive.
“With many assets including equities, gold and even collectibles like Pokemon cards hitting all time highs, it’s no surprise Bitcoin is benefiting from the dollar debasement narrative,” said Lim as quoted by Bloomberg News as saying.
To recall, Bitcoin went up for the eighth consecutive session on Friday, supported by latest gains in US equities and investments into Bitcoin exchange-traded funds.
For its part, the US dollar went down on Friday to its lowest in weeks against major currencies, amid the US government shutdown and delays in key economic data releases.
Meanwhile, the price of gold went up by 0.9 percent on Wednesday, registering a historic high of $3,895.33 right after the US government shut down, as talks between President Donald Trump and congressional Democrats to provide funds for the government failed.
The price of gold ranged between $2,536.91 and $3,819.8 during the last 12 months, gaining 45.9 percent
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