Bitcoin reaches historic highs - Growth fueled by weakening US dollar
Bitcoin has reached an all-time high, surpassing its previous high in January. The rise has been fueled by easing trade tensions and a weakening US dollar.
Bitcoin has surged to its highest level on record, surpassing its previous high in January, as confidence in digital currencies continues to improve.
The world's largest cryptocurrency hit a record high of $111,000. The rise was fueled by a combination of factors, including easing trade tensions between the United States and China and a downgrade of the U.S. sovereign debt rating by Moody's.
"Now that the January high has been surpassed and the 50 percent increase from the April lows has been achieved, Bitcoin is entering quiet territory with a favorable regulatory environment in the US," sector experts emphasize.
There are times when Bitcoin trades in a similar way to technology stocks and other assets that rise in value when investor confidence is high. The tech-focused Nasdaq is up 30% from its early April high.
This has also coincided with the continued weakness of the dollar, a further boost to the bitcoin exchange rate against the US currency.
Cryptocurrency market participants often point to another reason for the growth as traditional financial firms become more involved in the sector. This week, JPMorgan, long a cryptocurrency skeptic, said the bank would allow clients to buy bitcoin. Earlier this month, cryptocurrency exchange Coinbase was added to the S&P 500 index.
US fiscal concerns and a tepid Treasury bond auction pushed the dollar to a two-week low against the yen as the US Congress moved closer to approving Donald Trump's massive tax and spending cuts bill.
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