Bitcoin hits record high - Cryptocurrencies boosted by institutional demand, supportive policies
Bitcoin surged to record levels on Friday, boosted by demand from institutional investors and cryptocurrency-friendly policies from the US administration of Donald Trump.
The world's largest cryptocurrency reached a peak of $116,781.10, bringing its gains this year to more than 24%.
"Bitcoin's historic new renaissance is being fueled by relentless institutional buying. Major players are increasing supply and draining liquidity from exchanges," explains a cryptocurrency expert.
In March, Trump signed an executive order to create a strategic reserve of cryptocurrencies. He has also appointed several individuals who support digital currencies to increase their influence in the crypto market and expand the industry.
Trump family businesses have also made forays into cryptocurrencies. Trump Media & Technology Group is looking to launch an exchange-traded fund to invest in multiple cryptocurrencies, including Bitcoin, a filing with the U.S. Securities and Exchange Commission showed.
Ether, the world's second-largest cryptocurrency, similarly rose nearly 5% to $2,956.82, after earlier hitting a five-month record high of $2,998.41.
The continued expansion of cryptocurrencies demonstrates the gradual inclusion of digital technology in the global economy. However, experts warn that high volatility and upcoming regulations could pose challenges for the industry, calling for continued monitoring.
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